Last session, the Minnesota House approved legislation that prioritizes tax relieffor middle-class families, college students, aging adults, veterans, farmersand job creators, and I'll be fighting for it to become law in 2016.
The bill includes dozens of provisions that offer tax relief. For example, a familyof four with a child in preschool could receive up to $1,500 in tax savings each year thanks to dependent exemptions, tax credits, and deductions. Inaddition, veterans with 20 years of service to our country could receive up to $1,970 in relief each year by exempting military retirement pay. Small business owners should be pleased with the phasing out of the statewide businessproperty tax. College or technical school students could receive up to $3,500 in student debt loan relief each year from a tax credit for student loan payments,and senior citizens would benefit from the phasing out of the social security tax.
Under this legislation, millions of Minnesotans would receive tax relief. Our surplus wouldn't exist without their contributions so the least we can do is ensure they don't pay quite as much to state government in the future.