Big business in Minnesota draws a line at Biden's proposed tax hike
April 26, 2021
Washington – Corporate tax cuts have been kind to Minnesota's biggest companies. In fact, many of the state's multibillion-dollar, multinational corporations had lower effective tax rates in 2020 than an American making $40,126 in taxable income.
Because of tax-cutting incentives, Minnesota stalwarts Medtronic and Xcel Energy actually showed negative effective tax rates in 2020 corporate filings. Polaris showed an 11.6% rate, lower than the tax rate paid by individuals with taxable income of $9,876.
So pushback against President Joe Biden's plan to raise the corporate tax rate to 28% from 21% to pay for improvements to public roads, bridges, utilities and schools seems natural. It also marks an end to a honeymoon for Biden and business.