The Governor’s budget raises some serious concerns about its impact on struggling Minnesotans and the fairness of our tax system. The Renters’ Credit provides a tax refund to nearly 274,000 low- and moderate-income Minnesota households whose property taxes make up a large share of their incomes. Seniors and persons with disabilities make up 28% of all Renters’ Credit recipients. Even including the impact of the Renters’ Credit, rental property taxes remain one of the most regressive parts of Minnesota’s tax code.
The Governor’s budget, released yesterday, proposes to cut the Renters’ Credit by 27%, or about $51 million a year. This is a deeper cut than he has proposed in the past.
In previous years, over 100 organizations from around the state joined together to defeat proposed cuts to the Renters’ Credit. We can do so again, but we need your help.
- Please join our organizational sign-on letter opposing cuts to the renters credit.
We will continue to provide additional information and action steps in the days ahead, as well as more information about what’s in the tax portion of the Governor’s budget.
-Nan Madden
Google,”history of federal income tax rates” and it is obvious what the problem is and what the solution is!