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DFL gubernatorial candidate Mark Dayton released an estimate by Minnesota Revenue Department saying his proposed income tax hike on the state's top earners raises nearly $1.9 billion, well short of the $5.8 billion needed to balance budget.

Dayton’s tax proposal comes up short

Mark Dayton

Mark Dayton

DFL gubernatorial candidate Mark Dayton released an estimate by Minnesota Department of Revenue saying his proposed income tax hike on the state’s top earners raises nearly $1.9 billion, well short of the $5.8 billion needed to balance budget.

Dayton had hoped a lions share of his budget solution (about $4 billion) would mostly come from raising the income tax on individuals making more than $130,000 and couples making $150,000 a year.  By raising the income tax on those people to 10.95 percent, the state could take in $1.9 billion.

The analysis didn’t include several other Dayton proposals to reach the $4 billion mark, including a property tax hike on homes over $1 million. Dayton spokeswoman Katharine Tinucci said in a news release that Dayton will look at more ways to generate revenue and cut spending to balance the budget.

“These projections show that more work is needed to identify additional sources of revenues for making Minnesota’s state and local taxes more progressive, a promise that Mark Dayton will keep, if he is elected Governor,” Tinucci said. “It also shows the need for our continuing efforts to find additional areas to cut government spending that will not harm early childhood, K-12, and higher education.”

One comment

  1. “Early childhood, K-12, and higher ed” comprises at least 46% of the State’s budget. How can one possibly hope to balance a budget with a $6 billion deficit while holding HALF the budget off limits to cuts???? The problems in education have little or nothing to do with funding. Tell parents to be responsible for their children, tell the feds to take a hike, return funding to the counties as their problem to deal with, and tell them that beyond meeting certain basic but adequate academic standards, education is their show. Then let people vote with their feet; they’ll choose the counties and districts that fit their preferred combination of taxation and education policy.

    Dayton hasn’t got the (insert your preferred slang for testicles) to stand up to the education lobby. He isn’t fit to be governor. The jury is out on Emmer (Horner is a loon we need not consider). Since the candidates for governor are all men, it seems fair to ask, “Will the candidate with the testosterone to take on the education unions and lobby please stand up?”

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