Cut Minnesota’s income taxes
Minnesota’s budget surplus is a historic opportunity. Our residents are some of the most heavily taxed citizens in the United States; evidence shows that these taxes slow economic growth and job creation, push residents out and deter others from coming here, and do not even produce the offsetting benefit of a higher quality of life.
The state government should cut income tax rates. But how? Using revenue and spending forecasts from Minnesota Management and Budget’s November 2022 Budget and Economic Forecast and the Department of Revenue’s (DoR) estimates of the revenue effects of tax rate changes — their Budget Options for November 2022 — we can offer suggestions on how the state government could leave the excess money it is forecast to take from the state’s citizens in their pockets.