Reality Check: Who Would Dayton Increase Taxes On?
ST. PAUL (WCCO) Minnesota could buck the national trend by electing a Democrat for Governor for the first time in 24 years. And it's a Democrat with an unusual strategy.
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Former Senator and Democratic candidate Mark Dayton is promising to raise taxes to balance the budget. Not just a little, but a lot: seven major tax hikes on Minnesota's highest income businesses and individuals.
Dayton says while he is seeking what he calls "tax fairness," he won't raise taxes on lower-income Minnesotans.
In fact, a television ad states it clearly: "And Mark Dayton is the only candidate who won't raise taxes on the middle class, " it says.
IN FACT -- you decide.
If you're a high-income couple, you'll pay higher income taxes on your take-home pay above $170,000, raising $1.89 billion.
If your home is worth $1 million or more, your property taxes will double from 1 percent to 2 percent, raising $95 million.
If you're a 'snowbird' who lives outside Minnesota for six months and one day to avoid income taxes, that loophole will be removed, raising $500 million.
That's NOT THE WHOLE TAX HIKE STORY.
If your company sells products in more than one state, there's a tax hike, raising $39.7 million.
If you're a Minnesota company like, say Medtronic or 3M, with foreign operations, there's a tax hike raising $276 million.
And if you're a credit card company charging more than 15 percent interest, Dayton's got a new tax raising $212 million.
ONE MORE THING.
Dayton wants a state-owned casino, with a tax on casino revenues, raising $300 million.
If you add it up, Dayton is promising $3.6 billion in tax hikes and new revenue. A "tax the rich" strategy they don't teach in campaign school.
