MINNEAPOLIS (WCCO)- — Minnesota Senate Republicans said Thursday, “It’s time to get your billion back, Minnesota.”
Senate leaders announced how they hope give the state’s $1.3 billion surplus back to the people.
Their plan includes eliminating all state taxes on Social Security benefits, reducing the bottom income tax rate from 5.35% to 4.9%, expanding the K-12 child tax credit, and increasing some farm equipment tax credits.
“This will be our core package. It will be good for everyone in the state, and the best thing of all is an income tax rate reduction of the lowest level, 5.35%,” Senate Tax Committee Chair Roger Chamberlain said.
The proposal clashes directly with the Democratic House plan, which involves spending $500 million of the surplus on expanding accessible day care and pre-K scholarships.