As promised, Pawlenty vetoes tax bill; DFLers not happy

At 11 a.m. today, Gov. Tim Pawlenty

No Responses to “As promised, Pawlenty vetoes tax bill; DFLers not happy”

1. Anonymous Says:
   May 10th, 2009 at 4:47 pm

   A 30% tax on interest is a tax on borrowers, just like a tax on rum is a tax on drinkers. A tax on rum is not a tax on Captain Morgan, it is a very regressive tax on consumers. Read the Tax Incidence Study.

   Think about the tax hike on tobacco that was removed by the conference committee. A tax on cigarettes clearly places the burden of the tax on smokers. Just read the Tax Incidence Study. Things, like a business or a house, never feel the burden of taxes, only people shoulder the burden of taxes. The property tax is does not create a tax burden on a home, it taxes home-owners. The 30% tax on interest above a threshold is a tax on Minnesotians who are using credit to struggle through this recession.

   The media needs to ask: How regressive is the proposed new 30% tax on borrowers? Why does no other state use this proposed tax?

   Maybe even very progressive states like Vermont and Massachusetts don’t use this proposed tax because they realize it would create a unjust credit crunch that would cut sales tax revenue significantly. This vetoed tax bill targets financially struggling Minnesotians by adding a 30% surcharge to some of the interest on their credit card bills.

2. Anonymous Says:
   May 11th, 2009 at 10:11 am

   Oh my god this is so disappointing, i still have to figure out how much it’s gonna cost me:(

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