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State Representative Paul Thissen
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-5375
For more information contact: Michael Howard 651-296-8873
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Republicans block DFL plan to pay back our kids by closing corporate tax loopholes
Saint Paul, Minnesota – Republican legislators blocked a House DFL amendment on the House floor today that would have phased in a full pay back of $2.4 billion in state “IOU’s" to Minnesota schools. Instead, the GOP pushed forward their plan to drain 2/3 of the state budget reserves for a partial, one-time payback that leaves $2 billion in debt to our schools. The bill passed on a vote of 74-59.
The DFL plan would have paid back our schools by closing corporate tax loopholes that allow big businesses to hide profits overseas. The GOP used a procedural motion to block a vote on the DFL plan.
“We had a simple choice today, and unfortunately the Republicans made the wrong choice,” said House Minority Leader Paul Thissen (DFL – Minneapolis) “This is a matter of priorities and they couldn’t be clearer – Republicans would rather protect their rich corporate interests instead of paying back our kids.”
The Republican bill would take about $430 million in one-time cash from the state’s budget reserve – potentially forcing the state in to more short term borrowing, according to the Office of Minnesota Management and Budget. Their plan also doesn’t account for about $2 billion in ongoing “IOU’s” to Minnesota schools.
“The difference between the DFL and GOP plans to pay back our kids is night and day,” said Thissen. “We use a fiscally responsible source of revenue to fully pay back our schools while the Republican plan leaves $2 billion in debt. This, all so Republicans can protect tax loopholes for a few rich corporations to hide profits in places like the Cayman Islands. It really shows the lengths Republicans will go to protect rich corporate interests.”
The Minnesota Senate has not introduced a companion to the bill.
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