“House Speaker Kurt Zellers says Minnesota is broke, but he found the money to provide another nice tax break for the rich,” said Wayne Cox, Executive Director of Minnesota Citizens for Tax Justice.
“Zellers claimed the tax relief would benefit low income. It doesn’t. Two-thirds of low-income Minnesotans would receive no income tax cut while they would receive property tax increases and over $100 million in net tax increases through reductions of the renters credit.
“Here’s what the Minnesota Department of Revenue found in reviewing the proposed legislation:
“The bottom 10% would receive an average of 87 cents a year in income tax cuts, while the top 10% would receive an average of $415 a year.
“Half of taxpayers would receive larger property tax increases than they would income tax cuts.
“Average tax relief under the House income tax bill is 60 times greater for the top 20% of households than for the bottom 20%.”