Gov. Walz is proposing a 10% increase to the top tax bracket, creating a fifth tier and give Minnesota the third highest income tax rate in the nation.


"This additional revenue will help level the playing field and ensure all Minnesotans have a fair shot at economic recovery," the governor's office said in a statement.

"This is in contrast to Republican leaders who want to cut to the bone — and refuse to ensure that the wealthy and profitable corporations pay their fair share. These cuts would hurt vulnerable Minnesotans at a time when they need support the most, especially our seniors and children."

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The governor also proposed the following:

Tax foreign income when it is repatriated to the United States.
Reinstate the state tax exclusion to $2.7 million for individuals.
Impose a 4 percent tax on capital gains over $1 million for individuals, trusts and estates.
Increase taxes on large profitable companies.