Friends and Neighbors,

Session is in full swing this week. Committees are meeting, constituents are here, and we are getting to work on our vision for this session. One of the most important things we will accomplish this year is tax reform. Today we announced a plan to return Minnesota’s budget surplus to taxpayers. Our tax plan emphasizes putting money back in the pockets of families and individuals, particularly middle-income and low-income earners, so they have more security, freedom, and flexibility.

The Get Your Billion Back plan is built on a massive package of tax cuts worth more than $1 billion, which will ease the burden for every single Minnesota taxpayer. Everything in this tax bill is going to be great for our district, especially the initiatives listed below.

• Reducing the lowest rate will positively impact everyone who pays income taxes in Minnesota and help low-income and middle-income workers in particular. It will mark the second consecutive year that the Senate Majority has reduced income tax rates – an achievement that hadn’t been accomplished in almost two decades prior to 2019.
• Expanding the K-12 Education Tax Credit will specifically help parents of school-age children save money when they file their taxes. More families will qualify for the expanded credit, and those who do will also see larger savings on their tax returns.
• Eliminating the tax on Social Security Income is long overdue. Minnesota is one of only 13 states that imposes this tax on retirees, many of whom are on a fixed income. Throwing out the Social Security income tax will encourage more seniors to stay in Minnesota after retirement. This is one of the most popular and frequent requests made by constituents at town halls, via social media, and through emails and phone calls.
• Fully conforming to Section 179 of the federal tax code will help farmers and mom-and-pop businesses grow and invest in their operations by giving them more flexibility to deduct large equipment purchases, and Expanding the Angel Tax Credit will help innovative technologies and groundbreaking ideas reach new heights by giving people a greater incentive to invest in Minnesota companies.

We are working hard to ensure you keep more of your money by making government smaller and eliminating wasteful spending. I would appreciate your feedback on our proposal.

Please contact me with any questions or ideas at sen.bruce.anderson@senate.mn or 651-296-5981.

Bruce

Keep in Touch
Senator Bruce Anderson
3209 Minnesota Senate Building
95 University Avenue West
St. Paul, MN 55155