Briana does a good job of explaining the MN tax dilemma... This should be interesting to keep an eye on. Thoughts?
Star Tribune Tax Law Top Priority
FBD Tax Issues
Star Tribune Tax Law Top Priority
FBD Tax Issues
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As much as Erik Paulsen loved to talk about the marvels of reform, one thing he could never assure us individually that our taxes wouldn't go up.
At least we will be able to fill them out on a postcard, right?
--Hiram
Hiram,
The total Tax Bill will go down for lower income families and up for wealthier families... Isn't that what the MN Democrats support?
I land somewhere in between and it seems my bill will be flat to slightly up.
By the way, that postcard is for the Federal tax.
Hopefully the MN Taxes follow suit.
Here's a crazy postcard for you:
How much federal tax did you pay for last year? ______
Multiply by .08 ___________________
Deduct your withholding and estimated tax payments ________________
This is your added tax due or refund. _____________
Instant conformity; problem solved.
The total Tax Bill will go down for lower income families and up for wealthier families... Isn't that what the MN Democrats support?
It's too complicated a question to answer, which is why Congressman Paulsen refused to answer it. You have to look at a family's entire economic picture, which needs to include both state and federal taxes of all kinds but also health care costs. Each family will be different. Any tax cut will have to be made up elsewhere, and so the question becomes who bears the burden of the "made up elsewhere"?
Obviously, there are simpler ways to reduce taxes. But politicians respect simplicity largely because it makes it too obvious what they are doing.
--Hiram
That's right, Hiram. I've already had one (DFL) politician tell me that his big concern is how much lowering taxes will "cost the state." Meaning it's the State's money, and anything they let you have, you should be happy. Simplicity as I've described would "cost" the State plenty.
I will have to talk to DFL politicians about this. How is it possible that tax cuts cost the state? Does that mean the state will have less money for food? For education costs? Will fewer dollars mean the state will have forego certain kinds of health care? How about college costs? Will it mean the state can't go to that Ivy League college it got into?
--Hiram
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