ST. PAUL, Minn. (AP) – Gov. Mark Dayton has told Minnesota business leaders to expect his revised budget plan to call for $1.8 billion in new state taxes, largely by raising rates on the highest earners.
In an often-confrontational speech, the Democratic governor said he won’t retreat from a bid to create a new top bracket on taxable income above $250,000 for couples and $150,000 for single filers. He has already dropped a controversial proposal to expand the sales tax in the face of stiff business opposition.
Dayton says the revised budget won’t contain property tax or corporate tax breaks he initially proposed. His new budget comes on Thursday.
Chamber president David Olson says the business lobby won’t endorse any new taxes and wants spending cuts instead to erase a deficit.