MN Senate Passes $2.2 Billion Revenue Bill With Big Tax Break For Small Businesses

Friday night the Minnesota Senate approved a proposal to raise income taxes by about $2.2 billion dollars in an effort to help erase the $4.8 billion dollar shortfall.    Most of the increase comes from the higher tax brackets and it allows small business owners to save about 10% on their taxes.  That’s a $306 Million tax break over four years.  On the video clip: Senate Tax Chair Tom Bakk, DFL-Cook, and Senator Satveer Chaudhary, DFL-Fridley, argue  in support of the bill’s passage, while Senator Dick Day, R-Owatonna, and Senate Minority Leader David Senjem, R-Rochester, call for its defeat.

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