Dayton Renews Call for Income Tax Hike on Wealthy
Gov. Mark Dayton is calling for an income tax increase on Minnesota's wealthiest citizens.
Dayton's budget proposal Tuesday carries out what's been one a signature goal of his governorship. He would create a new 4th tier income tax bracket of 9.85 percent, which would apply to taxable income over $250,000 for married joint filers and single filers who earn above $150,000.
Dayton stresses the new rate would apply to only 2 percent of Minnesota taxpayers. His administration says it would raise $1.1 billion in the next budget cycle.
The proposed income tax hike on high earners is part of a broader tax overhaul that would lower the state's sales tax rate but apply it to more things, and provide a rebate to property taxpayers in 2014.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
- Sales Tax Plan Would be Boon to Some Minn. Cities
- Wedding Planning, Golf Lessons Among Services Possibly Taxed
- Dayton Must Sell Sales Tax Change to Fellow DFLers
- Minn. Budget's Fine Print Shows Reach of Plan
- LIST: Items to be Taxed at Lower Rate Under Dayton Plan
- Dayton Renews Call for Income Tax Hike on Wealthy
- Impact of Proposed Minn. Service Tax on Household Budget
- Dayton: Add Minn. Sales Tax to Clothes, Services
- Dayton Proposes $2.1B More in State Taxes
- Tax Hike on Smokes Could Increase Cigarette Smuggling