Minnesota conservatives? business property tax breaks would have had a real impact on job creation. Yes, they would have. If it was still 1850, eight years before Minnesota?s official statehood, when the average non-farm worker earned roughly $330 and the average carpenter made $550 yearly.
But with a typical annual state property tax cut of about $27 for Minnesota businesses owning a $150,000 property and whopping $228 for $1 million properties, it?s tough to see what kind of economic development they would have generated today. It would have also cost the state about $47 million through fiscal year 2015.
That kind of math might have provided territorial governor Alexander Ramsey with a tough decision. For Governor Mark Dayton, vetoing such a lopsided 2012 revised tax bill was a clearer choice.
No doubt, conservatives will rail against the governor?s veto as anti-jobs, but here?s the irony, conservatives actually paired back many initiatives that would have spurred job growth and economic development, including incentives to hire unemployed veterans or recent college graduates, buy new equipment and enhance local development.
When it comes to fiscal responsibility, conservatives wanted to continue the borrow from the future trend they engaged in last year, cutting into our Minnesota?s fragile budget reserves for business tax cuts, with real chance they?d create actual jobs.
Even more egregious, an initial House version of this conservative legislation, took money from the Minnesota Renter?s Credit?which provides relief to low- and moderate-income families?to finance tax breaks for big businesses and cabin owners. Now that?s redistribution of wealth.
Posted in Fiscal Policy | Related Topics: Business Growth? Governor Dayton? Business Tax?
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