Congratulations to Minnesota! No, they’re not in basketball’s Final Four. Rather, Minnesota’s State Senate passed a bill on Saturday to increase the top tax bracket in the state to 9.7%, the highest regular tax bracket in the country. You would need to make over $250,000 to be impacted by the new bracket ($141,250 if single).
The legislation was led by Minnesota’s Democrat-Farm Labor Party (DFL). Luckily for Minnesotans, Governor Tim Pawlenty promises a veto. And it appears that the DFL doesn’t have the votes to override it.
Hat Tip: Tax Prof Blog
News Story: AP