Cato’s 2014 Fiscal Policy report card gives Minnesota’s a resounding “F”, and it doesn’t mean “For Fiscally-Ingenious”. The grade puts Minnesota eighth from the bottom in terms of fiscal policy:
Governor Dayton replicated his grade of “F” from the last Cato report card. Under Dayton, general fund spending increased 13 percent in 2013 and an estimated 4 percent in 2014. His poor score also stems from his large tax hikes. In 2012 he signed into law higher taxes on gaming. In 2013 he approved a package raising annual revenues by $1 billion, which is almost 5 percent of total state tax revenues. The package created a new top individual income tax rate of 9.85 percent above the current top rate of 7.85 percent. It also raised cigarette taxes by $1.60 per pack. In 2014 he partly reversed course and signed into law modest tax cuts that reduced estate taxes, ended the marriage penalty under the income tax, and reduced sales taxes on business purchases.
The net result? We – the actual people of the state – are two billion short.
It was a richly-deserved “F”.
I remember another “F” the man received as a Senator.
Maybe he should find another calling?
Hmm… If Dayton manages to win, could we give a participation award to Mr. Johnson? ;^)