Small Income Tax Cut For All Earners Tops Senate GOP Plan
ST. PAUL, Minn. (AP) _ Senate Republicans are proposing a modest income tax cut for all earners as a part of their bid to sync Minnesota's tax code with the federal government.
Republicans in the Senate unveiled their tax proposal Tuesday, a day after the House passed its own bill. All eyes this legislative session are on the tax debate as lawmakers try to prevent incidental tax hikes and simplify next year's tax filing period.
Dropping the tax rate on Minnesota's first tax bracket from 5.35 percent to 5.1 percent would benefit virtually all earners. It would drop taxes on the first $26,000 of income for all single taxpayers.
Senate Taxes Committee Chair Sen. Roger Chamberlain says it means 82 percent of Minnesota residents would see a tax decrease.