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Hurricane Bloomberg Hits Minnesota Pension Funds: TRA at 50% Funding or Worse

Minnesota has been violating the First Commandment of a defined pension benefit plan for years: you must put aside enough money each year to cover the benefit promised. And if you miss it one year, you had better make it up the next because once you get into a hole, it is hard to dig out even if your investments perform well. ...

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There is no ‘race to the bottom’ in states reducing their capital taxes

New research shows that it isn't intra-state competition that has been driving capital taxes down, but changes in tax rates and input costs abroad, U.S. macroeconomic conditions, the capital income share, and technology. When setting tax rates, policymakers in St Paul will have to take these factors into account. ...

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