Then Pay More
Posted by Andy on June 22nd, 2006
But don’t demand it be taken from someone else.
(AP) Minneapolis Several well-off Minnesotans who believe more tax money should be pumped into public initiatives said the state can start with them.
More than 200 wealthy Minnesotans signed a full-page ad appearing Thursday in the Star Tribune asking the state to raise $2 billion for various initiatives by increasing the state’s tax burden for high-salary earners.
“We need to invest more in our future,” said Joel Kramer, former publisher of the Star Tribune and founder of the think tank Growth and Justice, which organized the “Invest for Real Prosperity” fiscal strategy.
The new money should be used to improve educational opportunities, provide affordable health care and fund transportation needs, Kramer said.
Jim Pohlad of Marquette Financial Company, Richard McFarland, retired chief executive of Dain Rauscher, and Lee Lynch, former chief executive of Carmichael Lynch, were also key contributors to the proposal, which would make those earning more than $275,000 pay another 2 cents in state taxes for every dollar earned. That would be another $6,000 in taxes for someone earning $300,000.
State taxes for anyone making less than $45,000 would not increase and the rates would vary for everyone in between. Kramer said he hopes the ad will create public interest and discussion, perhaps leading to legislative action.
He also acknowledged that if the tax increase was approved, it would take “some faith in government” to trust that the money would be appropriated according to the group’s requests.
Give me a break. Now we have rich people who want to have more moneytaken from us, but only if it is spent on the right stuff.
Sphere: Related Content
June 22nd, 2006 at 10:00 am
Fox 9 news this morning commented that for a family of 4, making $50,000 a year, who is already struggling to make ends meet would find any tax increase to be an extreme burden! Even some in the media are seeing this as a bad idea!
June 22nd, 2006 at 2:42 pm
The median income in Minnesota is $44,000. That means basically 50% of Minnesotans would be paying higher income taxes. And, the percentage would be considerably higher if the threshold was household income (vs. individual) of $45,000 or more.