FULLY ELIMINATING THE DOUBLE TAX ON SOCIAL SECURITY BENEFITS: $1.26 billion in relief

This is a no-brainer. Minnesota is one of just 11 states that tax Social Security benefits. Minnesota seniors deserve better. This will provide them with badly-needed tax relief to spend on their retirement needs.

• For the 406,900 Minnesotans who pay this tax, the average relief will be $1,253.
• People are taxed on their Social Security Income starting at just $25,000 of their federal combined income – so Democrat claims this is a tax just for wealthy retirees is just plain wrong.

PERMANENT ONGOING INCOME TAX RELIEF: $3 billion in relief 

Minnesotans are struggling with the high cost of record inflation that is hitting every part of their budget from the morning cup of coffee, food on their tables, energy costs to power and heat their homes, and the necessities of day-to-day life. An immediate tax cut will help them afford the needs in their life as they see fit.

Minnesota’s lowest tax rate is higher than the highest tax bracket in 24 states and is consistently ranked one of the highest-taxed states in the country.

• By lowering both the first and second-tier tax rates by 1 percent each, we are able to ensure all Minnesota taxpayers receive real relief that carries with them for future years.

PROPERTY TAX RELIEF FOR HOMEOWNERS

We are increasing the homestead market value exclusion and allowing more property owners to qualify for tax relief on their homes. As property valuations rise, this will help mitigate property tax increases for homeowners. For many, their home is their single largest asset, and this change will allow them to keep more of their home’s value in their bank account each year.

• Adjusting the homestead market value exclusion would give $35 million a year in relief.

ONE TIME TAX RELIEF TO DELIVER THE ONE-TIME SURPLUS TO TAXPAYERS: $8.5 billion in relief

Taxpayers created this surplus, and they deserve to see it returned to them instead of it being used to finance a spending spree of government programs.

• One-time rebate checks using $5 billion of the state’s surplus funds and $3.5 billion for a one-time child tax credit available for two years. The checks are estimated to be $1250 for single filers and $2500 for joint filers.
• By expanding the child tax credit for children under 18, we can help families who have been getting hammered with inflation while they are struggling with high costs faced during a child’s youngest years – whether for daycare, school supports, or any other needs a family may encounter. It would help all types of families and give them the greatest flexibility with their income when they need it most.