Minnesota House Republicans propose $2 billion tax cut plan

A $2 billion tax cut proposed by House Republicans Monday would give all income tax filers a small, temporary break while also extending savings to businesses, Social Security recipients, military retirees, farmers and students with college loans.

The temporary tax break would amount to $70 per single filer making $50,000 a year, more for those with dependents. The exemption would phase out after two years, but would cost $539 million in that time.

The next biggest tax break would go to a permanent phaseout of the statewide business property tax. With initial costs pegged at $453 million over two years, eliminating the levy would cost $1 billion by 2018-19 and nearly $1 billion per year when fully phased in.

http://www.startribune.com/politics/statelocal/300740311.html