The following article was written by DFL State Chair Ken Martin:
Yesterday, the GOP-controlled House of Representatives approved their regressive tax plan. This harmful attempt to change our tax code comes at a heavy price for working families across Minnesota.
This misguided measure is reverse Robin Hood. It takes money from working Minnesotans to give to the wealthy. While huge corporations and the 1% would see a massive windfall thanks to this bill, more than one-fourth of Minnesotans would see their taxes rise. By eliminating critical deductions that help taxpayers afford college, offset medical expenses, and buy a new home, this bill would pull the rug out from under Minnesota families.
Democrats want real tax reform that works for all Americans. We want to work across the aisle to provide middle-class relief, create incentives to bring money back from overseas, simplify our tax code, and close loopholes that benefit the wealthy.
Key Numbers for GOP Tax Plan:
- The richest 1% of Minnesota taxpayers will receive 39% of the tax cuts under House Republican tax bill.
- The richest 1% of Minnesotans will receive an average tax cut of $40,780, more than 87 times what the average middle-class family would get.
- More than a quarter of Minnesotans will see their taxes go up, by nearly $1,000 on average.
- Eliminates Minnesotans ability to deduct their medical expenses. 172,159 residents deducted their medical expenses in 2014, saving nearly $10,000 on average.