Minnesota Senate GOP Unveils Massive $8.5B Tax Cut Proposal

February 25, 2022

The Associated Press,

ST. PAUL, Minn. (AP) – Minnesota Senate Republicans on Thursday announced a tax cut proposal that would cost more than $8.5 billion over the next three years.

Republican lawmakers say the proposal is the largest tax cut in the state’s history.

It would reduce the lowest-tier income tax rate from 5.35% to 2.8% and eliminate taxes on all Social Security benefits. Senate Democrats called the tax legislation “premature and reckless,” and urged caution on spending.

The proposal comes after the Senate passed a $2.73 billion proposal earlier this month to pay the state’s debt to the federal government for jobless aid during the pandemic.