House Democratic Bill Hikes Corporate Taxes to Help Schools
ST. PAUL (AP) -- Minnesota House Democrats have unveiled a tax bill that includes $1.2 billion in higher taxes, mostly on corporate foreign profits, and they propose to spend about three-fourths of the new revenues on education.
Leaders of the House Democratic majority said Monday that most individual Minnesotans would see tax cuts under their proposal. The bill would bring the state's tax code into conformity with the 2017 federal tax overhaul.
Tax chairman Paul Marquart says matching the federal standard deduction would result in tax cuts for two-thirds of Minnesotans, and it will simplify filing because 93 percent of filers would take the standard deduction.
The House proposal sets up what are expected to be difficult negotiations with the GOP majority in the Senate, where leaders have been adamant against raising taxes.