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1 Joseph Henchman, et al., Minnesota Income Tax Increase Modification Could Encourage Tax Avoidance and Promote Poor Investment Decisions 1 (2011)

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I A. %\%\6\\\\1%%\\\\\\1\ N& L, \16 I.AL1111 , \\\\\\\\\\ \\\\\%\\\, *NMINI I NNI, \\\\,\\\\\\\\\\\ , \% owmalill \, \\\\\\\\\\\\\\\\\\N\\\\, \\\\\\\\\\\\\ \\\\\\\N\l \\\\\\ June 29, 2011 No. 275 Mi'ennesota Income Tax Increase Mod1*ficati'*on 0 Could Encourage Tax Avoidance and Promote 0 0 Poor Investment Decisions By By Joseph Henchman, William McBride, and David Logan Introduction Minnesota is one of 46 states that begin their fiscal year on July 1. However, it is the only state that may endure a governmej shutdown, due to a tax policy impasse between Governor Mark Dayton (DFL) and the legislature. In his two-year $36 billion general fund budget plan, Dayton proposed to create a new top marginal rate of 10.95% for thos making over $85,000 in income, with a temporary three-year additional surcharge of 3% on income over $500,000 (see Tal: 1).' 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