(Saint Paul, MN) -- Tax cuts proposed by the Minnesota Senate GOP would cost more than $8.5B over the next three years.
The proposal would reduce the lowest-tier income tax rate from 5.35% to 2.8%, lower taxes on all filers, and remove taxes currently placed on all Social Security Benefits. The proposal would use slightly less than half, or $3.5B of the states $7.7B of the projected budget surplus in Minnesota. The proposal, if passed, would be the largest tax cut in state history.
The plan differs from other plans proposed by House Democrats, who have offered $1,500 bonus check to frontline workers. A second plan crafted by Minnesota Governor Tim Walz would send checks ,ranging from $175 to $350, to more than 2.7 million households within the state.