Minnesota tax revenues 20 percent higher than forecast
As tax revenues beat forecasts, there is no good case to be make for tax hikes, if there ever was one.
If you listen to the news at all, you’ve probably heard conflicting talking points about how the various plans to increase taxes at the state legislature will affect you. It’s difficult to cut through the broad generalizations to find out exactly how much more you’ll be expected to pay.
That’s where the tax incidence analysis compiled by the Minnesota Department of Revenue comes in handy. Just find your income range in the chart below to find out how much Gov. Walz wants to raise your taxes! (Click to zoom in.)
Spoiler: everyone pays more, somewhere between 4.39-12.02%. The average Minnesota household can expect a 6.52% increase.
If you’re looking for something to put you to sleep, here’s the full tax incidence analysis. The chart above is on page 4:
[embeddoc url=”https://files.americanexperiment.org/wp-content/uploads/2019/05/hf2125-Incidence-analysis-of-Governor-Budget-2019.pdf” download=”all” viewer=”google”]