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There's no evidence that ultrarich are fleeing Minnesota
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| Contributor | RP |
| Last Edited | RP May 11, 2016 05:05pm |
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| Category | Report |
| Author | Adam Belz and J. Patrick Coolican |
| Media | Newspaper - Star Tribune, The (Minneapolis - St. Paul) |
| News Date | Sunday, May 8, 2016 03:00:00 AM UTC0:0 |
| Description | The ranks of the very rich are growing in Minnesota, despite a controversial tax increase that singles out the biggest earners to pay more.
Critics predicted that the ultra-affluent would flee after Gov. Mark Dayton secured 2013 passage of a new income tax tier of 9.85 percent on individuals who make more than $156,000 a year. But the latest data show that the number of people who filed tax returns with over $1 million in income grew by 15.3 percent in the year after the tax passed, while the new top tier of taxpayers grew by 6 percent.
The debate is emerging again in the final two weeks of the legislative session, as lawmakers decide what to do with a $900 million budget surplus. |
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