TITLE

Minnesota Senate Offers Budget Plan With Tax Hikes, Fewer Cuts

AUTHOR(S)
Shields, Yvette
PUB. DATE
April 2003
SOURCE
Bond Buyer;4/8/2003, Vol. 344 Issue 31610, p6
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Minnesota's Senate Democratic leadership has proposed a 47 billion dollar fiscal 2004-05 budget on April 8, 2003 that restores the reductions proposed by Republican Governor Tim Pawlenty and House Republicans in the budget by raising 1 billion dollars from increases to the state's income and cigarette taxes. The spending plan would raise 421 million dollars in income tax revenue from an increase in the tax rate on individuals who earn 136,000 dollars a year and families who earn more than 252,000 dollars a year. A one dollar per-pack increase in the cigarette tax would raise an estimated 571 million dollars of revenue. The House Republican proposal includes a one dollar per-pack cigarette tax increase, though Republicans contend it is a revenue-neutral proposal because the increase would be offset by a decrease in the state's health care provider tax.
ACCESSION #
9582496

 

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