What does the House GOP tax bill do?

Paul ThissenHouse DFL Leader Paul Thissen said the Republican budget leaves behind kids, working families, and greater Minnesota in order to help corporate special interests get further ahead.

“The Republicans have made a choice that tax breaks for corporations and special interests are more important than educating our kids or investing in Minnesota’s future,” said House DFL Leader Paul Thissen. “These are the wrong choices for a better future for Minnesota. With a $2 billion surplus and growing economy, we should embrace this chance to create more opportunity for all Minnesotans to get ahead.

Despite a $2 billion surplus, the Republican budget plan would result in teacher layoffs, wage cuts for working Minnesotans, higher tuition, and more expensive health care coverage.

The biggest reason Minnesotans are being left behind is that Republicans are focused on a massive tax giveaway that favors corporate special interests. The largest permanent tax break in the Republican plan seeks to eliminate the statewide business property tax for all corporations and businesses. When fully phased-out, this amounts to $5 billion in corporate and business tax breaks over the next eight years.

“There’s no question the biggest long-term winner in the Republican budget is big corporations that would get billions in tax breaks,” said Thissen. “These tax cuts are incredibly short-sighted. Not only would our schools and students be shortchanged this year, they would likely pay the price down the road because the Republican plan is a recipe for budget deficits in the future.”