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This Billionaire Governor Taxed the Rich and Increased the Minimum Wage -- Now, His State's Economy Is One of the Best in the Country
Key Excerpts from Article on Website of Huffington Post
Posted: March 14th, 2016
http://www.huffingtonpost.com/carl-gibson/mark-dayton-minnes...
When he took office in January of 2011, Minnesota governor Mark Dayton inherited a $6.2 billion budget deficit and a 7 percent unemployment rate from his predecessor, Tim Pawlenty. During his first four years in office, Gov. Dayton raised the state income tax from 7.85 to 9.85 percent on individuals earning over $150,000, and on couples earning over $250,000 when filing jointly - a tax increase of $2.1 billion. He's also agreed to raise Minnesota's minimum wage to $9.50 an hour by 2018, and passed a state law guaranteeing equal pay for women. Between 2011 and 2015, Gov. Dayton added 172,000 new jobs to Minnesota's economy - that's 165,800 more jobs in Dayton's first term than Pawlenty added in both of his terms combined. Even though Minnesota's top income tax rate is the fourth highest in the country, it has the fifth lowest unemployment rate in the country at 3.6 percent. As of January 2015, Minnesota has a $1 billion budget surplus, and Gov. Dayton has pledged to reinvest more than one third of that money into public schools. The reason Gov. Dayton was able to radically transform Minnesota's economy into one of the best in the nation is simple arithmetic. Raising taxes on those who can afford to pay more will turn a deficit into a surplus. Raising the minimum wage will increase the median income. And in a state where education is a budget priority and economic growth is one of the highest in the nation, it only makes sense that more businesses would stay.
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