Thread by @chrisconry, Tax policy is SUUUPER complicated.So I thought I'd offer a #MNLeg policy [...]

Tax policy is SUUUPER complicated.

So I thought I'd offer a #MNLeg policy explainer for anyone wondering what's in the @GovTimWalz / @LtGovFlanagan income tax proposal.

Okay #MNLeg, fine, it's a little more complicated than that. For married, joint filers:

If you make between $39,080-$158,140, your taxes go down around $36 per year.

If you make less than $29,100, & use the Working Family Credit, your taxes go down around $160 per year.

And, yes #MNLeg, there is a proposed 1.5% increase on capital gains income between $500,000 & $1,000,000 going up to 4% on that same income over $1,000,000.

That one will cost about 7,000 households about $30,000.
That one also is a good idea.

That's about 1,000,000 MN households getting the $36,
about 313,000 getting the $160 WFC bump,
about 21,000 paying $8,072 more in income taxes with about 7,000 of those folks paying $30,000 more.

Some at #MNLeg will spend the next couple months trying to distort this.

But the @StarTribune headline for @jessvanb & @bbierschbach got it right...
#MNLeg https://www.startribune.com/gov-tim-walz-s-52-4-billion-budget-raises-taxes-on-wealthiest-minnesotans/600015287/

Gov. Tim Walz’s $52.4 billion budget raises taxes on wealthiest Minnesotans

Extensive tax increases would help ease the pandemic’s burden on those hit hardest.

https://www.startribune.com/gov-tim-walz-s-52-4-billion-budget-raises-taxes-on-wealthiest-minnesotans/600015287/

As did @DaveOrrick in the @PioneerPress...
#MNLeg https://www.twincities.com/2021/01/26/walz-proposes-income-tax-and-corporate-hike-on-richest-gop-says-nope/

Walz proposes income tax and corporate hike on richest; GOP says nope

Minnesota Gov. Tim Walz was expected to propose at noon Tuesday a tax hike on the state’s wealthiest people and corporations — an idea that Republicans say has no chance of happening. W…

https://www.twincities.com/2021/01/26/walz-proposes-income-tax-and-corporate-hike-on-richest-gop-says-nope/

And @Stowydad & @timpugmire at @MPRnews...
#MNLeg https://www.mprnews.org/story/2021/01/26/walz-budget-would-hike-taxes-on-highest-earners-boost-school-spending

Walz budget ups taxes on top earners

The governor’s recommendations kick off a budget debate that will last well into spring. His call for tax increases on high-end earners and corporations will encounter pushback from Republican...

https://www.mprnews.org/story/2021/01/26/walz-budget-would-hike-taxes-on-highest-earners-boost-school-spending

And @esmemurphy at @WCCO...
#MNLeg https://minnesota.cbslocal.com/2021/01/26/gov-walzs-two-year-budget-proposal-expected-to-top-50-billion/

Gov. Walz's 2-Year, $52B Budget Proposal Calls For Income Tax Hike For Those Earning $1M+

Minnesota Gov. Tim Walz has released his two-year budget proposal, saying his package bolsters his education plan and offers economic relief for small businesses and families hurt by the COVID-19...

https://minnesota.cbslocal.com/2021/01/26/gov-walzs-two-year-budget-proposal-expected-to-top-50-billion/

And @skarnowski & @Mohamed1brah1m of @AP and @Mankatonews...
#MNLeg https://www.mankatofreepress.com/news/state_national_news/walz-proposes-tax-hikes-on-the-rich-to-balance-state-budget/article_7d13f8f7-b667-5a27-8821-9fea616a0da5.html

Walz proposes tax hikes on the rich to balance state budget

MINNEAPOLIS (AP) — Gov. Tim Walz proposed raising taxes on the wealthiest Minnesotans and large companies Tuesday to help plug a projected $1.28 billion gap in the next two-year budget,

https://www.mankatofreepress.com/news/state_national_news/walz-proposes-tax-hikes-on-the-rich-to-balance-state-budget/article_7d13f8f7-b667-5a27-8821-9fea616a0da5.html

And @bydanaferguson in the @pinejournal and Brainerd Dispatch...
#MNLeg https://www.pinejournal.com/news/government-and-politics/6857503-Walz-proposes-52.4-billion-budget-plan-tax-hike-for-highest-earners

Walz proposes $52.4 billion budget plan, tax hike for highest earners | Pine Journal

The plan would provide a tax credit to working families and impose a tax hike on the state's highest earners and some corporations.

https://www.pinejournal.com/news/government-and-politics/6857503-Walz-proposes-52.4-billion-budget-plan-tax-hike-for-highest-earners

Okay, my flowchart may not be totally necessary right now.
But I'll leave it here for future #MNLeg reference.

You can follow @chrisconry.

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