Posts Tagged ‘Higher education’

Are 529 Tax Breaks Working?

In order to incentivize families to save for their children’s college education, Minnesota and other states are exploring income tax credits and deductions for 529 plans. Named after section 529 of the Internal Revenue Code, these investment vehicles were designed to encourage parents to save for college by granting tax breaks on higher education savings…

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Executive Summary: Minnesota's Budget Surplus

The conservative effort to use the entire budget surplus to reduce state taxes—often referred to as the “give it back” campaign—is based on the premise that state revenues and expenditures have increased dramatically and thus all legitimate state expenditure needs should already be sated. However, a closer look at total state general fund revenue and…

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Minnesota's Budget Surplus: Balancing Tax Cuts and Investments

I. Introduction Last March, a group of legislators gathered at the State Capitol with a simple message: “Give it back!” The “it” refers to the state budget surplus, then projected to be nearly two billion dollars for the upcoming fiscal year (FY) 2016-17 biennium. These legislators urged Governor Dayton and their House and Senate colleagues…

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