House OKs tax reforms
To the Editor:
The Minnesota House of Representatives recently approved legislation that would cut taxes for the first time in two decades while making Minnesota’s tax code simpler to navigate.
I voted yes on the plan. We’re looking at a bill that is fair for everybody, give a maximum number of people a tax cut and still maintains the deductibility for various parts of our tax code.
More than 2.1 million Minnesota filers will benefit from a tax cut in tax year 2018.
Other highlights include:
o Helping middle-class Minnesotans keep more of what they earn by cutting the second tier income tax rate from 7.05 percent to 6.75 percent by tax year 2020.
o Lowering taxes for people at all income levels by increasing the standard deduction from $13,000 to $14,000.
o Protecting families by preserving a state personal and dependent exemption of $4,150.
o Encouraging affordable homeownership by allowing a state-itemized deduction of up to $30,000 in property taxes.
o Supporting hometown businesses and farmers by reinvesting extra revenue from corporate tax changes into Section 179 conformity and overall rate reductions.
By contrast, Gov. Mark Dayton has crafted a plan that increases taxes on all classes of Minnesotans — from the poorest to the richest and everyone in between — by more than $1 billion.
State Rep. Bob Gunther,