Minnesota's Global Tax Grab

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Minnesota progressives now run all of state government, and the new majority is doing what comes natural: raise taxes, and more taxes. Their misguided plan for a worldwide tax on business earnings in particular may spawn imitators if it passes in the once business-friendly state.

The tax change is part of an omnibus spending bill that Democrats hope to enact by May 22. It would extend Minnesota’s corporate income tax to profits that businesses earn overseas. Any company that owes taxes in the state would be required to report international earnings on top of its domestic taxable income. The state would then apply its 9.8% corporate income-tax rate to a combined income figure based on the company’s entire global profit.

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Source:" WSJ "

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