Sen. Carrie Ruud, R-Breezy Point, is once again championing legislation that provides a phased-in subtraction of taxable Social Security benefits to calculating taxable income in the state of Minnesota.
As of last year, Minnesota was one of 12 states that imposes a Social Security income tax on retirees, many of whom are living on a fixed income. North Dakota amended its tax code last year to strike Social Security payments from its definition of “taxable income,” making it the last of Minnesota’s neighboring states to do so.
“I’ve carried this bill since 2013, and though we made progress in 2017, it wasn’t enough — it’s time to finally phase out this senseless tax,” Ruud said in a news release. “Many of my constituents are senior citizens, and many of them have had to homestead in other states because of Minnesota’s high taxes. We want our seniors to retire in our state, not leave for neighboring states that have more favorable tax structures. It’s time we listened to Minnesotans and phase-out this antiquated tax.”
Social Security income is currently double taxed in Minnesota, meaning a tax is paid when the funds are taken from each paycheck, and a tax is again assessed upon reception of benefits later in life.
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