TAXES, INVESTMENTS & THE BUDGET
Small business owners understand that pocketing too much of their profits while not investing enough back into their business can cause them to go out of business. Small business owners would benefit from Minnesota practicing the same caution.
Would you support smart, fiscally responsible tax legislation that ends tax subsidies benefiting only a few Minnesotans and large corporations, raising additional revenue to make smart investments in infrastructure, broadband access, child care and other things that help all Minnesotans and small businesses?
Yes. Taxes are how we pay for the things we value. I believe in progressive taxation and in investing in the infrastructure and services needed to help all Minnesotans succeed. I would support and urge the legislature to close corporate loopholes that unfairly favor large businesses.
Minnesota’s economy is currently strong but our government must do more to do ensure that everyone benefits from a strong economy, not just the wealthy and large corporations. Peggy and I believe it is imperative for our government to stop the increasing concentration of wealth in the hands of a few and to do so we need an equitable tax policy that invests in small businesses, workers, and infrastructure. The looming tax conformity fight during the 2019 legislative session will provide Minnesota’s next governor a golden opportunity to end the giveaways that the legislature handed out during recent sessions, things like tax breaks for cigars, and ensure any tax breaks are used to benefit our working class. As governor I would also take a holistic look at all of the issues that impact employers and workers, but a few of the actions I would take include: leveraging the state’s strong bond rating to improve our infrastructure, expanding the Working Family Tax Credit, make strong investments in programs that help spur new small businesses like the Minnesota Job Creation Fund, and fully funding pre-K and K-12 education to ensure our future workers are prepared to excel. Racial disparities negatively impact our state and our economy and when the Walz-Flanagan Administration considers economic development and tax policies we will do so in a manner that addresses the historic disparities facing Minnesota’s indigenous people and our communities of color—smart, fiscally responsible tax policies must also by definition be equitable and inclusive.
While I do not believe we should raise taxes on anyone in Minnesota, I would support ending tax subsidies to large corporations.