Minnesota just rolled out new tax cuts. Some people love ‘em. Some people hate ‘em. Both sides can’t be right, can they? Let’s take a look.
Here are Five Fast Facts about Minnesota’s latest tax cuts:
- 📜Minnesota Senate acts - The Minnesota Senate just passed a bill to cut income taxes for folks who make the least money AND to cut Social Security taxes. Why? Because there’s a budget surplus right of $9.25 billion. So, why not use that extra cash to benefit Minnesotans?!
- 💰Why Support the Tax Cuts? Nobody likes paying taxes! Also, the tax cuts will benefit 2.4 million people by saving them $759 per year. This is because the cuts will reduce the tax rate on the bottom tax bracket from 5.35% to 2.8%. The tax cuts will also be great for folks on Social Security. Hello, more bingo money! Yes, Gladys. Yes, please!
- 💰Why Oppose the Tax Cuts? Opponents of the tax cuts have their own bill that they think is better. Instead of tax cuts they only want to eliminate taxes on Social Security for seniors earning less than $75K. They also want to give out property tax credits, refunds, help for student loans, and some childcare benefits instead of just cutting taxes at the source.
- 💲Which idea is better? Well, it depends on if you spend your Paycheck BETTER than the government. Of course, tax cuts can seem scary because there’s less money for the state’s budget once they go through. But, it’s also a rare moment for citizens to get relief from taxes.
- 📈What’s next? Most people really like tax cuts because they get to keep their own money. What a novel concept, right? In fact, even this new tax cut was so popular that six Democrats joined with Republicans to vote in favor of it! That’s like Hatfields and McCoys having Sunday brunch!
🔥Bottom line: When it comes to tax cuts, there are always different ways to frame the debate. The bottom line is that any time you get more money back in your pocket through any tax cuts in any form, it’s a good thing for your Paycheck!
What do you think about these tax cuts? Is it a win for Paychecks or a bad idea?
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