Minnesota Taxed The Rich and Fixed The Economy

[R.B.J]

I'm not sure if anyone posted this in 2015, however, it is an interesting article, I wonder if this would work in Michigan?

http://www.huffingtonpost.com/carl-g...b_6737786.html

[Tig3rzhark]

Eventually we are going to have to start taxing the rich. These people keep getting abatements and they end up leaving when the abatements come to an end, leaving the city in another economic crisis.

[Jimaz]

Then we have the exact opposite case [[skip to 3:30) where cutting the taxes of the wealthy has failed so miserably in Kansas that Senate Majority Leader Jim Denning, a conservative Kansas City-area Republican, is voting to override Kansas govorner Sam Brownback [[R).

“He believes — still believes — in this, and that’s OK. I don’t,” said Senate Majority Leader Jim Denning, a conservative Kansas City-area Republican who supported the first round of tax cuts in 2012 but voted to override the veto. “I’ve made many, many bad decisions in my business career, as many bad as good, but I’ve always backed up and mopped up my mess. That’s what I’m doing now.”

Conservative Kansas Republicans are now desperately mopping up their own mess created by "trickle-down economics."

[ABetterDetroit]

A graduated income tax? Holy crap what a novel idea...

But what would Lansing do if they were no longer trying to take the wealth and jobs from one community in Michigan and move them to another they prefer more?

It would never happen tho, there are way to many middle class conservatives in Michigan that see the financial burdens that the wealthy have to bear as a hot button issue, so much so that they are ready and willing to step up to the plate and take more money out of their own wallet just so they can show the well off how much they admire them.

I played golf once with a business contact who had a net worth easily in the 9 figure range that stated "that getting the middle class to take some of the tax burden off of the rich is as simple as making it look like fun, just like how Tom Sawyer got his buddies to paint the fence." It was years ago before the rise of the tea party and libertarians and after listening to those groups the past few years I often reflect back to that statement and think how intelligent that individual was, at the time he seemed arrogant, not so much now.

[GMan]

Here's some local papers that take a different angle on Minnesota's economy;

http://www.startribune.com/minnesota...age/390041541/

https://www.minnpost.com/good-jobs/2...de-twin-cities

http://www.twincities.com/2016/12/02...-2016-economy/

and finally from the states omb;

https://mn.gov/mmb/forecast/forecast/economic/

It ain't all roses in Minn.

[Richard]

To me anyways,the people that write the tax codes,pay taxes,so there is in most cases a work around.

It is easy to gain public opinion based on,we are going up against the bad guy rich people and making them pay their fair share, because while you are taking with the left hand you are giving back with the right hand.

The rich may be bad people, but it is pretty clear what happens when they are driven out of cities.

I was born and raised in Minnesota,outside Minneapolis,there is nothing that compelling that draws me back there.

[Johnnny5]

I'm not opposed to higher tax rates for those with higher incomes, but the Huffington Post article is deceiving. Comparing numbers from the deepest recession this country has seen in nearly 100 years to the years just after it is absolutely pointless. No matter what their tax rates, nearly every state in the nation has seen a remarkable improvement from then.

[ABetterDetroit]

I'm not opposed to higher tax rates for those with higher incomes, but the Huffington Post article is deceiving. Comparing numbers from the deepest recession this country has seen in nearly 100 years to the years just after it is absolutely pointless. No matter what their tax rates, nearly every state in the nation has seen a remarkable improvement from then.

Good point. Data from that time period is not that useful other than measuring how bad things could get that fast.

[Richard]

Good point. Data from that time period is not that useful other than measuring how bad things could get that fast.

I also agree,but the only thing people are going to want to see and believe is Minnesota taxed the rich and fixed the economy,the rest is filler.

[GMan]

I also agree,but the only thing people are going to want to see and believe is Minnesota taxed the rich and fixed the economy,the rest is filler.

Don't confuse the masses with facts....Nothing to see here folks, we taxed the 1% and fixed the worlds problems.....
Now if you'd excuse me I have to board my private plane and fly over to Europe for a private event at an exclusive resort to plan on how to make up for all the lost carbon tax money from the green ponzie scheme that Trump ruined by pulling out of the Paris agreement. Don't you fret though...once we save the planet, we will come back with a scheme of integration to save the planet from terrorism. Hugs from Davos!

[Johnnny5]

Instead of raising incomes taxes, on a national level we need to focus on eliminating the tax advantages [[And loopholes) that are being used to reduce or eliminate the tax liability on capital gains. From the low end of the spectrum of those flipping houses every two years, to the top end where CEO's take incentive options instead of collecting a bigger paycheck.

Something is wrong when a self employed doctor working 60+ hour weeks is paying an overall tax rate that can literally be multiple times that of a drug company CEO! Warren Buffet's example of his secretary paying much higher tax rates than he does is a perfect example, but it's happening everywhere.

[313WX]

Minneapolis is also poised to surpass Detroit as the largest Midwestern city [[by all measures) between now and 2030.

[canuck]

Minneapolis is also poised to surpass Detroit as the largest Midwestern city [[by all measures) between now and 2030.

Whatever happened to Chicago? Nuked?

[Richard]

Whatever happened to Chicago? Nuked?

No,people are getting shot faster then they can replace them.

[Richard]

Minneapolis is also poised to surpass Detroit as the largest Midwestern city [[by all measures) between now and 2030.

They have had a 40 year jump on Detroit,if you would have seen it in the 60s and 70s it would have been the last place one would have wanted to move to.

Up until the late 70s you could buy apartment buildings from the city for $1.

[313WX]

Whatever happened to Chicago? Nuked?

I think it slipped into Lake Michigan...