Effects of fiscal cliff in Minnesota
December 30, 2012 at 12:39AM
$3,946
Tax increase on a typical Minnesota family of four making $87,319 (in 2011) from automatic hikes, end of 2 percentage-point temporary cut to payroll tax and expiration of such exemptions as the 10 percent tax bracket, marriage penalty relief and expanded Child Tax Credit
$3.6 billion
Decline in consumer spending in all of 2013 due to middle-class tax hikes in Minnesota
203,000
Minnesota families that would lose the American Opportunity Tax Credit for college
12,200
Minnesotans that would lose extended unemployment benefits
Sources: White House, Tax Foundation, president's National Economic Council and Pew Center on the States
about the writer
The lifelong northeast Minneapolis resident led a one-vote majority through the landmark 2023 session.
