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Legislative News and Views - Rep. Joe Schomacker (R)

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Thursday, April 30, 2015

ST. PAUL – Millions of middle-class Minnesotans would receive needed tax relief under a comprehensive taxes proposal approved by the full Minnesota House recently. State Representative Joe Schomacker (R-Luverne) joined a bipartisan group of lawmakers in supporting the plan.

"Over the past two years we've seen our state government budget grow at a much larger rate than the budgets of Minnesota families," Schomacker said. "The overall House budget proposal brings government spending in line while making significant investments in public safety, nursing homes, and roads and bridges while providing tax relief to Minnesotans."

Under the taxes plan, Schomacker said a middle-class family of four could save more than $500 over the next two years thanks to a provision that provides a new personal or dependent tax exemption. This initiative alone could benefit more than two million Minnesotans.

Other highlights include the phasing out of the social security tax, which would help more than 366,000 again adults who are living on fixed incomes. 240,000 farmers who have been paying a disproportionate share of school district debt service would benefit from a property tax credit that reduces their tax burden without impacting the levies of the local districts.

Families would also benefit through the expansion of the education deduction to include pre-school expenses, and nearly 110,000 college students would qualify for a new tax credit for principal and interest loan payments on their student loans, providing some savings on their higher education costs.

"This bill prioritizes the needs of Minnesotans over the wants of state government, and I'm pleased the House agreed to direct tax relief to the needs of the middle class," Schomacker concluded.