Minnesota House Democrats propose tax plan with rebates and new brackets.

Minnesota House Democrats have proposed a tax plan that includes a $1.3 billion tax rebate, a tax cut on Social Security income, and a new tax credit for families with children. The plan would return about $1.25 billion of the state's record $17.5 billion budget surplus in the form of a tax rebate. The proposal also includes the creation of a new “millionaires tax” on the top 0.8% of Minnesota earners and new offshore income reporting requirements for corporations. Republicans have questioned the need for any new taxes when the state already has an unprecedented budget surplus.