DFL: Budget Deal Must Have Cuts, Tax Hikes
Posted at: 01/09/2013 2:51 PM
| Updated at: 01/09/2013 3:04 PM
ST. PAUL, Minn. (AP) - Minnesota House and Senate Democrats are laying down a few markers on the upcoming budget debate: Any deal must include spending cuts, a redesigned tax system that draws more from the state's wealthiest and an on-time, no government shutdown guarantee.
The broad outlines discussed Wednesday by the leaders of the Legislature's Democratic majorities jibe with promises made in last year's campaign.
They provided few specific details. But Senate Majority Leader Tom Bakk says corporations that do business abroad should expect fewer exemptions on Minnesota taxes for their overseas earnings. Changes to the state's sales, income and property taxes are also in play.
The Legislature and Gov. Mark Dayton face a $1.1 billion projected deficit. But past IOUs to schools and accounting shifts from prior budget repairs deepen the fiscal problem.
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