WCCO EYE4 LOGO WCCO Radio wcco-eye-red01, ww color red

Latest News

Mpls. Rally Calls For Higher Taxes On Wealthy

View Comments
77648_Pat Kessler WEB Pat Kessler
Pat Kessler knows Minnesota politics. He's been on the beat long...
Read More

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up
Today's Most Popular Video
  1. DeRusha Eats: Brake Bread
  2. Husband And Wife Die 15 Hours Apart
  3. Polk County Sheriff's Deputy Laid To Rest
  4. Como Zoo Animals Visit WCCO
  5. Troops Homecoming Sweetened By Local Girl Scouts

MINNEAPOLIS (WCCO) — If Congress does not end the battle over the so-called “fiscal cliff,” Minnesotans could pay thousands of dollars in higher taxes by January. That’s according to a new Tax Foundation study, coming just six weeks before the budget must be fixed – or else.

On Monday, Ilo Madden joined a protest on a Minneapolis street corner: Calling for higher taxes on people making more than $250,000 a year.

With Social Security and Medicare, Madden is making it — barely. But she says higher income Americans should bear more of the burden than her.

“I’ve got my nose right at the waterline and it seems like every time we get a little cost of living increase, there’s a line of people waiting to raise the price of gas, or bread or medicine,” said Madden.

Tax hikes may be only a small part of the problems Minnesotans could face. If the deficit is not fixed by the end of the year, automatic spending cuts take over: Defense, farm subsidies, National parks, student loans, the FBI, the EPA and more.

Everyone gets a tax hike, too: An average tax hike of nearly $4,400 in Minnesota.

Since the election, Republican congressman Erik Paulsen is more optimistic about a deal, but a deal without tax hikes for any American, including the wealthy.

“We know that small businesses are the engine of the economy and if we are going into a battle of raising the rates on those who making (more than) $250,000, we’re going to impact small business in a negative way and that’s going to be nearly seven months of job growth lost,” said Paulsen.

President Barack Obama says he’s willing to accept spending cuts to make a deal. But he’ll veto any bill that doesn’t include tax hikes on higher income Americans.

“On Tuesday night, we found out that a majority of Americans agree with my approach,” said Obama.

Congress and the President begin post-election talks this week to balance the budget. It’s the first time Republicans will sit down with Obama since he won reelection to a second term.

View Comments
blog comments powered by Disqus