Tax revenues continue to soar
According to the Minnesota Management and Budget, Net general fund revenues totaled $1.767 billion in July, $64 million (3.8 percent) more than forecast. Net sales tax receipts for the month…
John Phelan, Economist at Center of the American Experiment, released the following statement in response to House DFL tax proposals:
“The tax increases proposed by the House DFL will hit every Minnesotan, young and old, at every income level. We’ll pay more in gas taxes, tab fees, income taxes, capital gains taxes, death taxes, and sick taxes. Is there any tax they don’t increase in their budget?
“Minnesotans are already some of the most heavily taxed citizens in America. By proposing an Angel Investor Tax Credit, Democrats admit tax rates act as an incentive or disincentive. Why don’t they apply this logic consistently? These new tax increases will certainly hurt our state’s economy.”
John Phelan is a graduate of Birkbeck College, University of London, where he earned a BSc in Economics, and of the London School of Economics where he earned an MSc. He worked in finance for ten years before becoming a professional economist. He worked at Capital Economics in London, has written for City Am in London and for the Wall Street Journal in both Europe and the U.S., and has been published in the journal Economic Affairs.
Center of the American Experiment is “Minnesota’s Think Tank.” For more than 25 years, the Center has been the most impactful and effective public policy organization in Minnesota, leading the way in creating and advocating policies that make Minnesota a freer, more prosperous and better-governed state. The Center is a civic and educational 501(c)(3) organization.