Companies battle in budget testimony on corporate, income, and nicotine tax hikes | News | southernminn.com

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The Minnesota State Capitol is in St. Paul, Minnesota.

(Central Square)-Proposal of Governor Tim Walz

The $1.6 billion budget aimed at raising taxes on Tuesday prompted many companies to protest and provide salary support.

The budget is intended to pave the way for the recovery of COVID-19.

Walz’s goal is to increase the corporate tax rate of profitable companies from 9.8% to 11.25% from 2021, earning $424 million, which will raise Minnesota to the second highest corporate tax rate in the United States after New Jersey, at 10.5% .

Walz proposes to adopt a fifth-level income tax rate for people with household incomes of more than $1 million or single incomes of $500,000 or more. This will put Minnesota from the fifth highest income tax rate (with annual taxable income exceeding The tax rate of US$164,400 was 9.85%) moved to the third tax rate. -highest.

Jessica Young, policy manager of the Medical Alley Association, believes that the tax increase will undermine the viability of companies that want to expand or relocate to Minnesota.

Young said: "Major changes in corporate and personal taxes have harmed competition."

Approximately 34,400 C agencies in the state submit corporate franchise tax returns each year.

Beth Kadoun of the Minnesota Chamber of Commerce said that lawmakers should follow the "do no harm" principle of COVID-19 recycling.

Cardone said: "We strongly oppose the governor’s tax proposals because they impose a permanent, non-competitive tax increase of nearly $1.9 billion, which will have a great impact on private sector employers, and they will continue to Responding to the impact of the COVID-19 pandemic."

Kadu En quotes the Fed in 2018

For every 1% increase in the corporate tax rate, the number of employees employed by startups will decrease by 3.7%.

The proposed budget seeks to increase the tax rate on capital gains: for sales profits between US$500,000 and US$1 million, the tax rate is 1.5%; if income exceeds US$1 million, the tax rate is 4%.

Max Hall, chairman of the 5th session of the AFSCME Council, stated that the tax increase will allow the rich to pay their "due share" and "expand the opportunity to obtain the American Dream."

The plan calls for an increase in cigarette tax from US$3.04 per pack to US$4.04, and a levy of 95% of the wholesale price on 35% of the total retail revenue of nicotine devices and electronic delivery devices.

A $1 per package tax will cause cigarette prices in Minnesota to soar to close to the highest cigarette tax levels in countries below New York and Connecticut.

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Dr. Michael Madden, a family doctor with more than 30 years of public health experience, argued that the tax policy will encourage smoking instead of smoking, a study found that the latter is at least related to smoking.

It is more harmful than smoking.

Madden said: "Although the risk is not reduced to zero, reducing the hazard can greatly improve safety and save lives."

Madden said that if promulgated, cigarettes will be nearly 50% cheaper than e-cigarette boxes.

Mont Williams of Altria Consulting said that 35% of the cigarettes consumed in Minnesota are purchased outside the state, and this increased tax will reduce smuggling from places where each pack is reduced by $3.

Williams said that according to the Centers for Disease Control and Prevention, the tax will fall on 15% of the land in Minnesota.

Low-income group.

Molly Moilanen of Clearway, Minnesota believes that rising nicotine prices will continue to cause smokers to quit, and urged lawmakers to allocate more than the current 1% of their income to smoking cessation programs.

Martha Njolomole, an economist at the Center for Experimental Conservation in the United States, believes that corporate tax increases may push workers in remote areas to states with lower tax rates.

Njolomole thinks

It shows that the labor burden is 50% to 100% of the company's tax burden, not the company's burden-therefore, this interest rate hike is essentially another income tax hike.

Njolomole said that raising the tax rate does not seem to promote tax growth. For example, although the income tax rate fluctuated between 8.5% in the 1990s and 17% in the 1970s, from 1974 to 2019, Minnesota’s tax revenue still accounted for 6.6% of the state’s GDP.

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