November 2, 2012 Association of Metropolitan School Districts
November 2, 2012 Association of Metropolitan School Districts
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Minnesota is a Great State
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Governor Daytons Governor Daytons Priorities Getting Minnesota
Working Again 3 Create jobs and improve Minnesotas competitiveness
Improve how state government works to deliver the best services at
the best price Sustainable, balanced budget and tax reform
EDUCATION & TAX REFORM Governors Priority #1 Governors Priority
#2 Governors Priority #3
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Creating Momentum for Tax Reform 47 Cities 134 Meetings 76
Legislators 6,171 People 1 Advisory Group Updated 10.31
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Minnesota is a Great State WHY NOW? Minnesotas Tax Code is: Out
of date Out of balance Not fair Too complex Picking winners &
losers Not doing enough to provide for a great education
system
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Minnesota is a Great State MINNESOTA IS CHANGING Is our tax
code?
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Taxes tell part of the story 7
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Minnesota collected tax revenues at or above the national
average for 45 years through 2002 but below the national average
seven of the last eight years. 2010 MN U.S. Average 8 Above U.S.
Average Below U.S. Average
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But taxes dont tell the whole story 9
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10 2011
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Source: U.S. Bureau of Economic Analysis 11
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Estimated lost revenue from untaxed consumer e-commerce sales
Millions of dollars Losses grew by 800% in just 11 years! 12 2011
total loss = $400 m E-commerce$149 m Catalogs$ 55 m Remote
seller$190 m Outdated tax code hurts Minnesota's Main Street
retailers
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Myron 28 years from now Demographic change is coming 13 Myron
28 years ago ? Myron Today Source: Minnesota State Demographer
Photo Credit for David Beckham Photo: publicdomainpictures.net
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Demographics impact income tax revenue Tax revenue declines
40-50% after retirement. 14
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Growing income disparity Top 10% now has 50% share of income
(U.S.) 15
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Note: Adults are assigned to income categories based on their
size-adjusted household income in the calendar year prior to the
survey year (e.g., 2010 income is from the 2011 survey). Middle
Income for Family of Four is $46K-$137K Source: Pew Research Center
Aug. 22, 2012 report The Lost Decade of the Middle Class
http://www.pewsocialtrends.org/files/2012/08/pew-social-trends-lost-decade-of-the-middle-class.pdf
Percentage distribution of adults by income category, 1971-2011 The
middle class is shrinking 16
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Minnesota is a Great State OUT OF BALANCE Over time, the mix of
Minnesotas taxes has become unbalanced.
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The three legged stool Income Tax 33% Sales Tax 33% Property
Tax 33% Income Tax 33% Sales Tax 27% Property Tax 40% 2010Balanced
18
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Property Tax: Longest Leg of the Stool 19
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Sales Tax: Shortest Leg of the Stool and yet our rate is
highest in five state area Minnesota has the highest sales tax rate
in the five state area Of the five states, Minnesota taxes the
least amount of goods Minnesota also has a very narrow sales tax
base for services 5% 6% 6.875% 4% MINNESOTA NORTH DAKOTA SOUTH
DAKOTA IOWA WISCONSIN
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Minnesota is a Great State WHO PAYS? When Income, Sales,
Property and other taxes are added up, Minnesotans pay different
amounts of their income in state and local taxes.
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22 Percent of Income Paid to Taxes The income tax is based on
your ability to pay Sources: Minnesota Tax Incidence Study 2011
(Tax Year 2008), MN Dept. of Revenue. (Annual income amounts
rounded.) 22 MN income tax Annual Household Income ($
Thousands)
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23 Percent of Income Paid to Taxes 23 Property taxes after the
PTR Property taxes are not based on your ability to pay Sources:
Minnesota Tax Incidence Study 2011 (Tax Year 2008), MN Dept. of
Revenue. (Annual income amounts rounded.) Annual Household Income
($ Thousands)
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24 Percent of Income Paid to Taxes 24 State & local sales
taxes Annual Household Income ($ Thousands) The sales tax is based
on what you buy Sources: Minnesota Tax Incidence Study 2011 (Tax
Year 2008), MN Dept. of Revenue. (Annual income amounts
rounded.)
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25 Percent of Income Paid to Taxes 25 Other taxes Annual
Household Income ($ Thousands) Most of the other taxes include:
Corporate tax Motor fuels tax Motor vehicle registration tax
Cigarette & tobacco taxes (incl. HIF) MinnesotaCare provider
& drug taxes Insurance premiums taxes Other taxes are
regressive as well Sources: Minnesota Tax Incidence Study 2011 (Tax
Year 2008), MN Dept. of Revenue. (Annual income amounts
rounded.)
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Percent of Income Paid to Taxes Our S&L effective tax rate
includes regressive taxes and the progressive income tax 12.3% 9.7%
Sources: Minnesota Tax Incidence Study 2011 (Tax Year 2008), MN
Dept. of Revenue. (Annual income amounts rounded.) 26 MN income tax
Property taxesState & local sales taxes Other taxes Annual
Household Income ($ Thousands) 10.3%
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The tax burden is being shifted to those with the least ability
to pay 27
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Tale of two taxpayers Joe Smith Typical Middle Income
Minnesotan Pays 12.7% of his income in MN state & local taxes
Sara Jones Top 2% Income Earner 28 Pays 9.8% of her income in MN
state & local taxes Higher from 1990 Lower from 1990 Sara pays
23% less in state & local taxes as a % of income than Joe
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29 As a percent of income, the top 10 percent pay less than the
rest of Minnesotans (and increasingly so!)
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Minnesota is a Great State COMPLEXITY CREEP Over time,
Minnesotas tax code has become more complex.
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2010 Income Tax Calculation Start with:Federal taxable income
Add:Itemized deduction for state income taxes Non-Minnesota state
and municipal bond interest 80% of bonus depreciation taken
federally 80% of increased federal Section 179 expensing taken
federally Federal deduction for domestic production activities
Additional federal standard deduction for real estate taxes or
motor vehicle sales tax Expenses deducted federally on income not
taxed by Minnesota Federally-exempt subsidy to employers with
prescription drug coverage for their retirees Fines, fees, and
penalties deducted federally as a trade or business expense
Federally-exempt suspended losses generated by bonus depreciation
Federally-exempt discharge of indebtedness Capital gain portion of
a lump-sum distribution Net operating loss carryover adjustment for
2010 Subtract:State income tax refund (if itemized in 2009) U.S.
bond interest Dependent K-12 education expenses 50% of charitable
contributions over $500 for non-itemizers 20% of 2004-2009 addition
for bonus depreciation 20% of 2006-2009 addition for 179 expensing
Income of the elderly or disabled (limited) Railroad retirement
income For American Indians, income earned on a reservation while
living on the reservation Federal active duty military pay taxed
federally (nonresidents) Federal active duty military pay taxed
federally (residents) National Guard pay for service in Minnesota
Organ donor expenses Income taxes paid to a subnational level of a
foreign country other than Canada JOBZ business and investment
income Gain from the sale of farm property by an insolvent farmer
Post-service education award from AmeriCorps Net operating loss
carryover adjustment from 2008 and 2009 Prior add-back of
reacquisition of business indebtedness Equals:Minnesota taxable
income Subtract:Non-refundable tax credits Marriage credit Credit
for income taxes paid to another state Credit for long-term care
insurance premiums Credit for past military service Credit for
nonresident partners on taxes paid to home state Employer transit
pass credit Credit for new participants in a Section 125 employer
health insurance plan Alternative minimum tax credit SEED capital
investment credit Refundable Tax Credits Child and dependent care
credit Minnesota working family credit K-12 education credit
Research credit Angel investment credit Historic rehabilitation
credit JOBZ jobs credit Credit for tuberculosis testing in cattle
Enterprise zone credit Credit for military service in a combat zone
(administered off-form) 2010 Income Tax Calculation Start
with:Federal taxable income Add:Itemized deduction for state income
taxes Non-Minnesota state and municipal bond interest 80% of bonus
depreciation taken federally 80% of increased federal Section 179
expensing taken federally Federal deduction for domestic production
activities Additional federal standard deduction for real estate
taxes or motor vehicle sales tax Expenses deducted federally on
income not taxed by Minnesota Federally-exempt subsidy to employers
with prescription drug coverage for their retirees Fines, fees, and
penalties deducted federally as a trade or business expense
Federally-exempt suspended losses generated by bonus depreciation
Federally-exempt discharge of indebtedness Capital gain portion of
a lump-sum distribution Net operating loss carryover adjustment for
2010 Subtract:State income tax refund (if itemized in 2009) U.S.
bond interest Dependent K-12 education expenses 50% of charitable
contributions over $500 for non-itemizers 20% of 2004-2009 addition
for bonus depreciation 20% of 2006-2009 addition for 179 expensing
Income of the elderly or disabled (limited) Railroad retirement
income For American Indians, income earned on a reservation while
living on the reservation Federal active duty military pay taxed
federally (nonresidents) Federal active duty military pay taxed
federally (residents) National Guard pay for service in Minnesota
Organ donor expenses Income taxes paid to a subnational level of a
foreign country other than Canada JOBZ business and investment
income Gain from the sale of farm property by an insolvent farmer
Post-service education award from AmeriCorps Net operating loss
carryover adjustment from 2008 and 2009 Prior add-back of
reacquisition of business indebtedness Equals:Minnesota taxable
income Subtract:Non-refundable tax credits Marriage credit Credit
for income taxes paid to another state Credit for long-term care
insurance premiums Credit for past military service Credit for
nonresident partners on taxes paid to home state Employer transit
pass credit Credit for new participants in a Section 125 employer
health insurance plan Alternative minimum tax credit SEED capital
investment credit Refundable Tax Credits Child and dependent care
credit Minnesota working family credit K-12 education credit
Research credit Angel investment credit Historic rehabilitation
credit JOBZ jobs credit Credit for tuberculosis testing in cattle
Enterprise zone credit Credit for military service in a combat zone
(administered off-form) 1987 Income Tax Calculation Start
with:Federal taxable income Add:Itemized deduction for state income
taxes State and municipal bond interest Capital gain portion of
lump-sum distribution Subtract: State income tax refund U.S. Bond
interest Dependent K-12 education expenses Equals:Minnesota taxable
income Subtract:Non-refundable tax credits Credit for income taxes
paid to another state Credit for the elderly or disabled Refundable
tax credits Child and dependent care credit 1987 Income Tax
Calculation Start with:Federal taxable income Add:Itemized
deduction for state income taxes State and municipal bond interest
Capital gain portion of lump-sum distribution Subtract: State
income tax refund U.S. Bond interest Dependent K-12 education
expenses Equals:Minnesota taxable income Subtract:Non-refundable
tax credits Credit for income taxes paid to another state Credit
for the elderly or disabled Refundable tax credits Child and
dependent care credit For the Individual Income Tax, the number of
adjustments and credits has risen from 9 to 50! 31
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37 55 6 11 19 26 Expanding number of property classes and
tiers
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So you want agricultural homestead? 33
Slide 35
Does the sales tax apply to a Bob Dylan album bought from a
neighborhood record store? YES Bob Dylan album downloaded from the
internet? NO 34 Reason: State law does not tax digital downloads
and products
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Does the sales tax apply to a Milky Way Candy Bar? YES Twix
Candy Bar? NO 35 Reason: Flour content rules in the Streamlined
Sales and Use Tax Agreement
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Minnesota is a Great State TAX BREAKS Minnesotas Hidden
Spending
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Swiss cheese tax policy? Smaller block, not as many holes
Bigger block, lots of holes 37
Slide 39
Income Tax Federal Exclusions: Lodging - Housing Allowances for
Ministers - Employer-Provided Dependent Care - Employee Awards -
Employer Pension Plans - Contributions by Employers for Medical
Insurance Premiums and Medical Care - Employer-Paid Accident and
Disability Premiums - Employer-Paid Group Term - Life Insurance
Premiums - Employer-Paid Transportation Benefits - Cafeteria Plans
- Employer-Provided Adoption Assistance - Employer-Provided
Education Assistance - Miscellaneous Employee Fringe Benefits -
Income Earned Abroad by U.S. Citizens and Foreign Housing Costs -
Certain Allowances for Federal Employees Abroad Benefits and
Allowances to Armed Forces Personnel - Medical Care and Tricare
Medical Insurance for Military Dependents and Retirees Veterans
Benefits Military Disability Pensions - Workers Compensation
Benefits - Special Benefits For Disabled Coal Miners - Social
Security Benefits - Medicare Benefits - Foster Care Payments -
Public Assistance - Scholarship and Fellowship Income - Education
Savings Accounts - Qualified Tuition Plans - Certain Agricultural
Cost-Sharing Payments - Discharge of Indebtedness Income for
Certain Farmers Investment Income on Life Insurance and Annuity
Contracts - Interest on Minnesota State and Local Government Bonds
- Capital Gains on Home Sales - Capital Gains at Death - Capital
Gains on Gifts - Exemptions from Imputed Interest Rules - Like-Kind
Exchanges - Special Rules for Magazine, Paperback, and Record
Returns - Energy Conservation Subsidies Provided by Public
Utilities - Accelerated Depreciation - Expensing Depreciable
Business Property - Excess of Percentage Over Cost Depletion -
Five-Year Amortization of Business Organizational and Start-Up
Costs - Expensing of Research and Development Costs Expensing of
Magazine Circulation Expenditures - Expensing of Exploration and
Development Costs - Cash Accounting and Expensing for Agriculture -
Expensing of Multiperiod Timber Growing Costs Special Rules for
Mining Reclamation Reserves - Cash Accounting Other than
Agriculture - Installment Sales - Completed Contract Rules -
Employee Stock Ownership Plans - Individual Retirement Accounts -
Keogh Plans - Health Savings Accounts - Self-Employed Health
Insurance - Interest on Student Loans - Per Diem Amounts Paid to
State Legislators - Federal Personal Deductions 1.60 Additional
Standard Deduction for the Elderly and Blind - Medical Expenses -
Real Estate Taxes - Other Taxes - Home Mortgage Interest -
Charitable Contributions and Theft Losses. Income Tax Minnesota
Subtractions: K-12 Education Expenses - Charitable Contributions
for Nonitemizers - Income of the Elderly or Disabled - Active Duty
Military Service - National Guard and Reserve Pay - Expenses of
Living Organ Donors - Job Opportunity Building Zone Income -
Disposition of Farm Property - AmeriCorps National Service
Education Awards - Preferential Computation - Five-Year Averaging
of Lump Sum Distributions - Marriage Credit - Credit for Long-Term
Care Insurance Premiums - Employer Transit Pass Credit - Credit for
Past Military Service - Credit for New Participants in a Section
125 Employer Health Insurance Plan - Child and Dependent Care
Credit - Working Family Credit - Credit for K-12 Education Expenses
- Credit for Military Service in a Combat Zone - Job Opportunity
Building Zone Jobs Credit - Enterprise Zone Employer Tax Credits -
Credit for Bovine Tuberculosis Testing - Lower Income Motor Fuels -
Exempt Organizations - Insurance Companies Corporate Tax Federal
Exclusions: Permanent Exemptions from Imputed Interest Rules -
Investment Income on Life Insurance and Annuity Contracts -
Like-Kind Exchanges - Special Rules for Magazine, Paperback, and
Record Returns Corporate Tax Federal Deductions: Accelerated
Depreciation - Expensing Depreciable Business Property Excess of
Percentage Over Cost Depletion (Mining Occupation Tax) -
Amortization of Organizational and Start-Up Costs - Expensing of
Research and Development Costs - Expensing of Magazine Circulation
Expenditures - Expensing of Exploration and Development Costs -
Cash Accounting and Expensing for Agriculture - Expensing of
Multiperiod Timber Growing Costs - Special Rules for Mining
Reclamation Reserves - Cash Accounting Other than Agriculture -
Installment Sales - Completed Contract Rules - Charitable
Contributions - Employee Stock Ownership Plans - Capital
Construction Funds of Shipping Companies Apportionment - Weighted
Apportionment - Throwback Sales - Single-Factor Apportionment for
Mail Order Companies Corporate Tax Minnesota Subtractions: Dividend
Received Deduction - Foreign Source Royalties - Foreign Operating
Corporations - Job Opportunity Building Zone Income of Farm
Property Credits - Research and Development Credit - Employer
Transit Pass Credit - Job Opportunity Building Zone Jobs Credit
Zone Employer Tax Credits - Credit for Bovine Tuberculosis Testing
Estate Tax Exclusions: Life Insurance Proceeds Annuities - Social
Security Benefits Estate Tax Deductions: Marital Deduction Gifts
Sales and Use Tax Exemptions: Particular Food Products - Clothing
and Wearing Apparel - Drugs and Medicines - Medical Devices -
Prescription Eyeglasses - Baby Products - Feminine Hygiene Items -
Caskets and Burial Vaults Publications - Textbooks Required for
School Use - Personal Computers Required for School Use - De
Minimis Use Tax Exemption for Individuals - Motor Fuels -
Residential Heating Fuels - Residential Water Services - Sewer
Services - Manufactured Homes - Selected Services - Capital
Equipment - Accessory Tools Tooling - Telecommunications Equipment
- Recovery Equipment - Used Motor Oil - Taconite Production
Materials - Wind Energy Conversion Systems - Air Cooling Equipment
- Solar Energy Systems - Airflight Equipment - Large Ships 1992
$100,000 $100,000 $100,000 $100,000 4.31 Repair and Replacement
Parts for Ships and Vessels - Light Rail Transit Vehicles and Parts
- Commuter Rail Vehicles and Parts - Petroleum Products Used by
Transit Systems Petroleum Products Used in Passenger Snowmobiles -
Ski Area Equipment - Logging Equipment - Farm Machinery - Repair
and Replacement Parts for Farm Machinery Petroleum Products Used to
Improve Agricultural Land - Farm Conservation Programs Horses -
Prizes at Carnivals and Fairs Television - Advertising Materials -
Court Reporter Documents - Patent, Trademark, and Copyright
Drawings - Packing Materials - Property for Business Use Outside
Minnesota - Automatic Fire-Safety Sprinkler Systems - Firefighter
Personal Protective Equipment - Building Materials for Residences
of Disabled Veterans - Chair Lifts, Ramps, and Elevators in
Homesteads - Parts and Accessories to Make Motor Vehicles
Handicapped Accessible - Maintenance of Cemetery Grounds - Trade-In
Allowance Sales and Use Tax Exemptions - Sales to Particular
Purchasers: Local Governments - Nonprofit Organizations - Hospitals
and Outpatient Surgical Centers - Veterans Organizations -
Construction Materials for Low-Income Housing - Public Safety Radio
Systems - Biosolids Processing Equipment - Ambulances Leased to
Private Ambulance Services - Certain Purchases by Private Ambulance
Services - Job Opportunity Building Zones - Enterprise Zone
Construction Materials Waste Recovery Facilities - Hydroelectric
Generating Facility - Minnesota Twins Ballpark - University of
Minnesota Football Stadium - Central Corridor Construction
Materials Exemptions - Sales by Particular Sellers: Isolated or
Occasional Sales - Institutional Meals - Fundraising Sales by
Nonprofit - Organizations to Artistic Events - Admission to
School-Sponsored Events - Admission to the Minnesota Zoo - Cross
Country Ski Passes for Public Trails - YMCA, YWCA, and JCC
Membership Dues - Minnesota Amateur Sports Commission Events -
Admission to Charitable Golf Tournaments - Candy Sales by Certain
Organizations - Sacramental Wine Sold by Religious Organizations -
Reduced Sales Price New Manufactured Homes Local Property Tax
Exemptions: Exempt Real Property - Opportunity Building Zone
Property Preferential Valuations: Classification System - Green
Acres Treatment of Agricultural Land - Open Space Property -
Metropolitan Agricultural Preserves Land - Tax Increment Financing
- Preferential Computation - Auxiliary Forest Tax Credits: Taconite
Homestead Credit - Powerline Credit - Metropolitan Agricultural
Preserves Credit - Conservation Tax Credit $27b =$16b -$11b Annual
state tax revenue (2010) Tax breaks Total state tax revenue before
preferences 38
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For every dollar of state tax revenue without preferences 60
goes to education, health care and other public expenditures 40
goes to tax breaks 39
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Minnesota is a Great State TAXES IMPACT K-12 EDUCATION
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Inflation-adjusted state aid per student declined significantly
between 2003 and 2013: Between 2003 and 2013, the general education
formula allowance has increased by 13.5%, while inflation has been
26.4% as measured by the CPI or 42.9% as measured by the IPD. The
unfunded cost of special education (special education cross
subsidy) has increased from $397 million in FY 2003 to a projected
$614 million in FY 2013. Total inflation-adjusted state aid per
student will decline by 2.0% if inflation is measured using the CPI
or by 13.3% if inflation is measured using the IPD. These declines
are in addition to the loss of cash flow from the state aid payment
and property tax shifts
Slide 43
Our public schools are serving a more diverse population with
growing needs. Between 2003 and 2011: Students eligible for free or
reduced price lunch increased from 27% to 37% of total enrollment
Students in special education increased from 13% to 15% of total
enrollment Students with limited English proficiency increased from
6% to 8% of enrollment Students of color increased from 19% to 26%
of enrollment
Slide 44
With growing needs and declining state aids, school districts
increased their reliance on property taxes to balance budgets
between taxes payable in 2002 and 2012: Total school levies
increased 120%, from $986 million to $2.167 billion. Growth in
voter approved operating referendum levies accounted for the
largest share of the increase: up 222%, from $226 million to $729
million Debt service levies also increased: up $294 million or 58%
Funding shifts from state aids to the property tax (e.g., Operating
Capital, $120 million, Equity $76 million) also contributed to levy
increases, as did decline in state equalization aids, which caused
the local share of equalized levies to increase.
Slide 45
Growing reliance on voter-approved property tax levies has
increased disparities among school districts and created
instability in school funding: The disparity between the 95 th
percentile and the 5 th percentile of general revenue per student
(excluding cost differential funding) increased from 19% in FY 2003
to 30% in FY 2012 Some districts have been unable to pass an
operating referendum levy despite repeated efforts Due to the
erosion of state equalization formulas, there is wide variation
among school districts in property tax rates needed to raise a
given level of referendum revenue per student State-wide, 12% of
school district general education revenue is from voter approved
referendums; 16% in the 7 county metro area
Slide 46
Minnesota is a Great State TAXES IMPACT HIGHER EDUCATION
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46 Who needs a postsecondary education? More than 900,000 new
jobs will be created in Minnesota between now and 2018. (150,000
new jobs and the rest the result of retirements) 620,000 for those
with postsecondary degrees 227,000 for high school graduates 55,000
for high school dropouts Source: Georgetown University: Help
Wanted: Projections of Jobs and Education Requirements Through
2018
Slide 48
47 Jobs of the Future 70% of all jobs in Minnesota (2.1 million
jobs) will require some postsecondary training beyond high school
in 2018
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48 What does that mean? For Minnesota workers, the occupations
classified as high-growth and high-wage in workforce projections
overwhelmingly will require a postsecondary degree. DEED employment
projections through 2019: The fastest job growth includes
occupations that require: 16.1 percent for associate degrees 13.1
percent for masters degrees. 18.8 percent for doctoral degrees
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49 Higher education and unemployment National unemployment
figures: 12% overall 4% for those with some postsecondary
completion According to DEED, the more educated a worker, the less
likely they are to be unemployed
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50 Barriers to postsecondary education Rising college tuition
Tuition in Minnesota has increased at more than 3 times the rate of
inflation and per capita personal income in the past decade Student
debt has increased, both in terms of number of students with loans
and the amount they borrow Challenging job market
Slide 52
51 State Grant, Public Institution Appropriations, and Total
Loan Aid Borrowed per Undergraduate Enrollment (Inflation Adjusted
to 2010 Dollars) Source: Minnesota Private College Research
Foundation analysis of Grapevine compilation of state higher
education tax appropriations and Minnesota Office of Higher
Education enrollment data.
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52 The total amount borrowed increased faster than tuition
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53 MN students are more likely to have student loans and borrow
more
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54
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55
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56 Three key trends in Minnesota higher education:
Accessibility and Cost Tuition in Minnesota has increased at more
than 3 times the rate of inflation and per capita personal income
in the past decade Student debt has increased, both in terms of
number of students with loans and how much they borrow Total
undergraduate price of attendance in Fiscal Year 2009 in Minnesota
is estimated at about $6 billion Nearly $5 billion was paid for by
students and their families Of the $5 billion, $1.7 billion is
loans and $3.2 billion is current income
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Fair Simple Supports Growth What do we value in a tax system?
57
Slide 59
We Must Act. Now.Its broken.
Slide 60
Governor Legislative Champions Committed Staff &
Organizations YOU! What will it take to achieve tax reform in
Minnesota? Minnesotans
Slide 61
What are your ideas for reform in education and taxes? Tell us!
Myron Frans Commissioner of Revenue 651-556-6003
[email protected] http://bit.ly/TaxReformMN @MNRevenue
#MNTaxReform Sign up for email updates