Thank goodness for the old double check. Lawmakers found a $352M error in Minnesota’s latest tax bill. What does this massive error mean for us?
Here’s Five Fast Facts on Minnesota’s Tax Error:
- 😱 How the…? - They accidentally used the 2019 standard deduction without including four years of inflation. That would have stuck taxpayers with a standard deduction that’s $1,600 smaller than it should be.
- 🙀 How Much Money? - That breaks down to a cost of $110 more for single filers and $210 more for married.
- 😨 How Many People? - It could hurt about 2.3 million returns if the law isn’t changed before it goes into effect. Thankfully, that won’t be until tax year 2024.
- 😩 How Often Does this Happen? - The finger is being pointed at one issue: overworked staffers. One Republican lawmaker said mistakes like this often happen when staffers and aides are working overtime at the end of a session to finish. BTW, he just admitted the people we elected don’t do any of the hard work that ACTUALLY MATTERS!!!!
- 😥 How Soon Do We Get this Fixed? - Fortunately, this error can be easily fixed, provided everyone works together. It’ll require a law change, but I don’t think anyone wants to be “that person” who costs taxpayers more money. Plus, we have time.
🔥Bottom line: Chalk this one up to good old human error. At least it was caught and acknowledged, and there’s an open effort to get it fixed before it goes into effect. If it had been caught after it had passed? It would have been a nightmare that probably wouldn’t have been corrected with any amount of haste.
What do you think about Minnesota’s latest government snafu?
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