Walz tax plan would hurt poorest the most
As the Minnesota Legislature gets down to the tough issues that lie ahead before its May 20 adjournment, one of the things it and Gov. Tim Walz need to look at is the governor’s tax proposal.
According to an analysis by the Department of Revenue, the taxes Walz is proposing would hit the lowest-income Minnesotans the hardest. The report states that those earning less than $14,528 per year would pay an extra $2.37 for every $100 of income. The amount decreases as income rises. On average, the state and local tax burden would increase by 76 cents per $100 of income.
The biggest impact would be caused by Walz’s proposed 20-cent per gallon gas tax increase. This would most negatively affect the low-income people who have to drive to get to work, and who can’t afford newer, more fuel-efficient or electric cars.
We hope Walz wasn’t intending to stick it to the poorest Minnesotans with his tax increase. But that’s what his plan would do.
Time for Walz and his supporters in the Legislature to toss the plan and start over on the budget process.