The Minnesota Legislature issued our kids and schools a $2.4 billion IOU, and there is no permanent plan in place to pay it back. What’s worse, the House majority just rejected a plan that would pay back the whole $2.4 billion by closing tax loopholes for corporations that hide their earnings in places like the Cayman Islands and Bahrain. Without this bill passing, there is no plan in place to pay back the billions we owe our kids.
It’s time for politicians from both parties to make the right choice — choose kids over corporations and pay back the $2.4 billion IOU. I spoke to Rep. John Ward, Rep. Mike LeMieur, and Sen. Paul Gazelka about this issue and I certainly hope that as our elected representatives they will all make the right choice and pay back all of Minnesota’s kids. Using a budget reserve was mentioned by both LeMieur and Gazelka, but I believe closing the tax loopholes is a more permanent solution.