Mark Dayton wants to raise state income taxes on people who make over $500K a year (adjusted gross income) to just shy of 14% – to finance<\/p>\n
But\u00a0this has been tried before<\/a>:<\/p>\n To close its $3.8 billion <\/a>FY 2010- FY 2011 projected budget gap, Oregon has relied on an evaporating stimulus, budget cuts of roughly 9 percent and tax increases. The state\u2019s income tax<\/a> was raised with a new top rate of 11 percent. However the tax on the richest two percent of residents hasn\u2019t performed as expected. Last year the new tax rate brought in $180 million. This year\u00a0collections dropped<\/a> to $130 million.\u00a0The Wall Street Journal <\/em><\/a>writes this shouldn\u2019t be suprising. A full quarter of \u201crich tax filers seem to have gone missing.\u201d it\u2019s likely millionaires will be looking for other places to domicile. The tax applies to stocks and capital which means Oregon has \u201cvirtually the highest capital gains tax in North America.\u201d<\/p><\/blockquote>\n You can’t tax and spend your way out of a recession.<\/p>\n","protected":false},"excerpt":{"rendered":" Mark Dayton wants to raise state income taxes on people who make over $500K a year (adjusted gross income) to just shy of 14% – to finance But\u00a0this has been tried before: To close its $3.8 billion FY 2010- FY 2011 projected budget gap, Oregon has relied on an evaporating stimulus, budget cuts of roughly […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-18161","post","type-post","status-publish","format-standard","hentry","category-minnesota-politics"],"_links":{"self":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/18161","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18161"}],"version-history":[{"count":3,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/18161\/revisions"}],"predecessor-version":[{"id":18164,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/18161\/revisions\/18164"}],"wp:attachment":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18161"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}