"Where Fillmore County News Comes First"
Wednesday, May 25th, 2016
Volume ∞ Issue ∞
- 7:23:26, May 25th 2016 - ### - You want to tell your school putting a handicap sign up on steet that will bloc ... [Read More]
- 12:35:31, May 25th 2016 - Kit Kat Bar - I don't know... Everyone gets awards these days, but that, is ONE HUGE ... [Read More]
- 4:18:09, May 24th 2016 - Give me a break - This paper has officially turned into what every comedy movie think ... [Read More]
- 1:43:25, May 24th 2016 - Cervidae - In my husband's defense, he is the most unselfish person I know and anyon ... [Read More]
- 4:29:20, May 23rd 2016 - - His house and all his surrounding land is for sale, yet he's not going to move and ... [Read More]
- 11:16:49, May 23rd 2016 - Paul - Well read does not mean only reading books that you find that are in-line wit ... [Read More]
- 9:55:22, May 21st 2016 - Aaron Swartzentruber - You have said it very well. I, too, believe most of America is ... [Read More]
- 10:47:20, May 18th 2016 - Paul - You ask a legitimate question and one we as a country need to address with ot ... [Read More]
- 12:57:18, May 18th 2016 - Combat Veteran (Derek) - @ Paul: I agree with 100% with what you said there, asking ... [Read More]
- 10:52:23, May 17th 2016 - Paul - Obviously the commandment to love one another is not so straight forward. You ... [Read More]
Wed, Jun 29th, 2011
Posted in State of Minnesota
Posted in State of Minnesota
ST.PAUL, Minn., June 28, 2011- Today, leaders of the National Federation of Independent Business, the state's largest business group in terms of entities with approximately 12,000 members statewide, held a press conference to oppose the large, destructive tax hike that Gov. Mark Dayton has proposed. NFIB strongly opposed the Dayton plan during the 2011 session and testified against it several times in House and Senate tax committees.
"Minnesota already has a high tax structure and the last thing we need to do is dramatically increase it," said Mike Hickey, state director for the National Federation of Independent Business. "The governor's proposal would make Minnesota even more uncompetitive than we already are."
"Governor Dayton's tax plan sends a very negative signal to successful entrepreneurs and investors in and out of our state who are considering investing here," said Hickey. The governor's tax plan would raise Minnesota's top rate to 10.95 percent from its current 7.85 percent-a 39-percent increase that would give Minnesota the second highest top income tax rate in the country, just a fraction behind Hawaii's and Oregon's which currently have an 11-percent top rate.
Hickey noted that if the increase was enacted, the top capital gains rate would also likely increase to 10.95 percent where applicable also sending a very negative signal to investors, especially out-of-state ones who might be considering opportunities in Minnesota. "From the out of state investor perspective, they could get stuck paying either one of these very high rates and it is a big negative." Hickey noted Minnesota investors would also feel the sting of the high capital gains rate which would creep up close to the federal rate of 15 percent.
If the governor's plan were enacted, 47 other states would have a lower top income tax rate and capital gains rate. Nine states don't tax income or capital gains at all. "Minnesota cannot afford to be this uncompetitive, and we strongly urge legislators in both parties to reject the governor's tax plan," implored Hickey.
"Minnesota has been running a structural deficit for 10 years now," said Hickey, "and the Legislature just increased state spending another 6 percent ($2 billion). In our view, that is enough. State government needs to learn to live within existing resources.
Hickey said NFIB members are the most income-tax-affected group in the state, because the vast majority of them pay their company's taxes on the individual income tax, since they are organized as Sub S, LLC, or sole proprietorships. "The Governor's tax plan sends a very peculiar message to small business: If you are successful in Minnesota and grow your business and expand your workforce-you are going to pay!"
NFIB is the nation's leading small business association, with offices in Washington, D.C. and all 50 state capitals. Founded in 1943 as a nonprofit, nonpartisan organization, NFIB gives small and independent business owners a voice in shaping the public policy issues that affect their business. NFIB's powerful network of grassroots activists send their views directly to state and federal lawmakers through our unique member-only ballot, thus playing a critical role in supporting America's free enterprise system. NFIB's mission is to promote and protect the right of our members to own, operate and grow their businesses. More information about NFIB is available online at www.NFIB.com/newsroom.
National Federation of Independent Business/Minnesota
380 Jackson St., Suite 780
St. Paul, MN 55101