Mark Dayton’s Incomplete Budget – Whose Taxes Will He Raise Next?
This week’s headlines are probably giving Mark Dayton a headache:
- MPR: Dayton’s income tax hike is well short of his $4 billion projection
- St. Paul Pioneer Press: Mark Dayton’s tax on rich won’t close budget gap, state calculations show
- Politics in Minnesota: Dayton’s tax proposal comes up short
- Star Tribune: State revenue: Dayton’s call for new tax brackets comes up short
For months, Dayton has touted his plan to “restore tax fairness” and said he would raise $4 billion by “taxing the rich.” But this week data from the Minnesota Department of Revenue showed Dayton’s plan raises $1.9 billion.
That would be the largest income tax increase in the history of the state and would be a 12% increase in Minnesota’s personal income taxes. But it’s still $2.1 billion short of Dayton’s $4 billion goal. (http://markdayton.org/mainsite/wp-content/uploads/2010/07/DaytonDeficitSolution.pdf).
If he’s maxed out his “tax on the rich” – Dayton says he doesn’t want to push our state’s top income tax rate past Hawaii’s nation-leading 11% – then who’s left to tax?
You guessed it – everyone else. Dayton’s deputy campaign manager said, “These projections show that more work is needed to identify additional sources of revenues.”
Mark Dayton certainly isn’t going to reduce government spending – his biggest supporters are unions who rely on ever-growing government to increase salaries, jobs and dues.
So with a $2.1 billion hole in his budget plan and no more room to “tax the rich,” Dayton will be searching for ways to pretend like he’s not taxing middle-class Minnesota families, while reaching into your wallet. Stay tuned…
Posted on September 16, 2010