Dayton Says: “Taxing the Rich” will raise four billion dollars.

The MN Department of Revenue says:

This proposal adds a new top bracket at a rate of 10.95% starting in tax year 2011. The 10.95% bracket is set at $150,000 for married joint filers, $75,000 for married separate filers, and $130,000 for single and head of household filers. The new bracket is not adjusted yearly for inflation although the bottom brackets are adjusted for inflation in keeping with current law. The tax year impact is as follows:

And the end result, according to the MNDoR?

Tax Year Impact

______ ($000s)_______

TY 2011 $752,800

TY 2012 $813,600

TY 2013 $879,100

In other words, cranking the tax on “the rich” to a confiscatory 8 to 11% (actually 10.95, but let’s be honest here…) brings in less than half of what the Dayton budget “plan” says it will.

But even that is over triple the tax hike that the completely DFL-dominated Legislature could pass at the height of Obamamania.

Mark Dayton’s budget is DOA.  Electing him – or “Mini-Mark”, Tom Hornery , whose plan is marginally less profligate and, at this point, vastly less-vetted by the in-the-bag media – would be colossal wastes of time.

This entry was posted by by Mitch Berg on Wednesday, September 15th, 2010 at 5:51 am and is filed under Campaign '10, Dayton Dustbowl. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.