MN budget surplus

Bearcat89 wrote:

A cousin of mine and his wife just moved to Nicaragua. He’s literally on the ocean with a postcard looking view and said he paid less than $200k for it. I asked him about taxes and all he told me was “as far as the people here are concerned, I have nothing and am earning nothing.”

So it’s cheap to live in a very violent high crime area ? Who would have guessed
[/quote]

We visited and I’d leave my things unlocked and unguarded there 10x over before I would in MPLS or the suburbs, and that’s no lie.

The US averaged 6.8 homicides per 100k people in 2021.

Nicaragua averaged 6.7 homicides per 100k people in 2021.

Thank you No Balz Walz and your Democratic congress.

buckybadger wrote:

<div class=”d4p-bbt-quote-title”>Bearcat89 wrote:</div>
A cousin of mine and his wife just moved to Nicaragua. He’s literally on the ocean with a postcard looking view and said he paid less than $200k for it. I asked him about taxes and all he told me was “as far as the people here are concerned, I have nothing and am earning nothing.”

So it’s cheap to live in a very violent high crime area ? Who would have guessed

We visited and I’d leave my things unlocked and unguarded there 10x over before I would in MPLS or the suburbs, and that’s no lie.
[/quote]

Well it’s common to feel safe in the safe neighborhoods. But when the greater community isn’t a safe neighborhood then it makes no sense. I feel safe leaving my keys in my truck in Harris but obviously not down town Minneapolis

Like anything, it’s about where you are and knowing specifics about your whereabouts.

A $20 in your pocket goes a long ways there compared to here.

Realistically we will always own acreage stateside, but retiring and having a residency elsewhere is becoming more and more of a reality with each passing year. Taxation is crazy in the US and worse in MN specifically.

buckybadger wrote:

^I’d leave my things unlocked and unguarded there 10x over before I would in MPLS or the suburbs.

The homicide rate in Nicaragua in 2021 was 6.7 per 100k people.

The homicide rate in the US in 2021 was 6.8 per 100k people.

It’s all the rape, sexual assaults, armed robberies and auto theft that gets you.
I as well wish my 20 bucks got me more then 2 crank baits. The taxation in mn is wild

According to Walz we are not over budget, we have a “structural imbalance”

Ok, got it!
Thanks for the clarification

What a joke. Walz and all the dems knew this would happen. Spend the hell out of a one time surplus on forever spending. Two years later, oh no we need more money.

Jon Jordan wrote:

<div class=”d4p-bbt-quote-title”>fishthumper wrote:</div>
So are they going to send us a W2 or a 1099 for the income?

The Minnesota Department of Revenue says it will send out 1099-MISC forms to everyone who received the rebate.

-J.

My reply was mostly a joke. But I looked up what income is to be reported on a 1099-Misc. Here is the info. from the IRS web site:

File Form 1099-MISC for each person to whom you have paid during the year:

At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest.
At least $600 in:
Rents.
Prizes and awards.
Other income payments.
Medical and health care payments.
Crop insurance proceeds.
Cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish.
Generally, the cash paid from a notional principal contract to an individual, partnership, or estate.
Payments to an attorney.
Any fishing boat proceeds.
In addition, use Form 1099-MISC to report that you made direct sales of at least $5,000 of consumer products to a buyer for resale anywhere other than a permanent retail establishment.

Don’t see how a Tax refund or tax rebate, or what ever they want to call it being reported using a 1099- Misc. But I guess its their game, they make the rules.

buckybadger wrote:

but retiring and having a residency elsewhere is becoming more and more of a reality with each passing year. Taxation is crazy in the US and worse in MN specifically.

I 100% agree with this. That said, Nicaragua would not be high on my foreign country choices.

fishthumper wrote:

Nicaragua would not be high on my foreign country choices.

No kidding. Costa Rica would be the only country in Central America I’d consider right now. And I can think a lot worse places to live than Minnesota too. Ukraine and the Middle East come to mind immediately.

Chances are the people that received the rebate check will have a low enough tax base that they will not be hit with hardly any tax burden. It’s just another way for the government to collect more revenue from its minions.

Eelpoutguy wrote:

According to Walz we are not over budget, we have a “structural imbalance”

Ok, got it!
Thanks for the clarification

Well then it sounds like I’ve got a “structure imbalance” in my bank account LOL.

This state needs an amendment that states that ANY surplus be returned to those who invested in it….. meaning the tax payers. And that the returned money is non-taxable since it is in fact money generated by taxes.

Eelpoutguy wrote:

I heard this one yesterday –
DFL’s said the free school lunch program will cost $85 million. Whoops, after further review it will actually be $170 million.

and

MN has a $2 billion surplus this year, but wait. Oh that’s already underwater.

Listen to how Walz presents that with his fancy talk. You can feel him sticking it in without any lube.

I love the this state but will be leaving shortly. It just cost’s way too much to live here.

so is the moosehead going to south carolina too!!!!!!

Tough guy Walz said about the IRS federally taxing the crumbs he sent out… “that’s bullshi7”

I think he is reiterating what most of us thought about his handling of the $17b over taxation.

With the 17b surplus and we still needed the increased sales tax for the metro that took in to affect in October…..

On a positive side – sooner or later they are going to run out of ideas on how to spend

I wonder how they are doing, cracking down on people actually paying to ride the light rail ??? I seen Monday was D day for that….

big_g wrote:

I wonder how they are doing, cracking down on people actually paying to ride the light rail ??? I seen Monday was D day for that….

That’s a big step.

Perhaps they should start with easier things to enforce or witness like “no longer allowed to commit felonies on the train” or “no more hard drugs consumed on the train.”

The concept and any hope of actually getting people to pay for their spot on the train after years of not doing so has……………….already left the station.

buckybadger wrote:

The idea of actually getting people to pay for their spot on the train after years of not doing so has….already left the station.

I read that they’re considering doing what St Louis has implemented. Mandatory payment/ticket prior to getting on the train. No ticket, no entry.

I’ll admit in my pessimistic view that it’s been a couple years since we rode it, but how does it work if that’s the policy? Is there someone physically there now to enforce it?

Yeah lets put MORE money into light rail.
No one working from offices downtown
Gas prices and parking through the roof
Easier to work from home
Ads on TV scaring us about every conceivable bug we can catch and the drug they have to save you from it.
Twins or Vikings tickets are hardly affordable to the average person right now.
Maybe basketball tickets?
Who is riding it and why?

If you have the time, listen to Tom Hauser explain the surplus/deficit situation when he filled in for Joe on Garage Logic yesterday. I don’t doubt for a second that we will see tax increases in a couple years to pay for their f up.

GL 12/7/23

How could there be a deficit when there was a 17 billion dollar surplus? WHere did all that money go? THe fact that school lunches was underestimated by half is hilarious and consistent with everything this administration has blundered like paying the tribes double what they were supposed to get, feeding our future program just to name a few.

CaptainMusky wrote:

WHere did all that money go?

http://www.americanexperiment.org/where-minnesotas-17-5-billion-surplus-went-a-series/

Not only did they spend all of the surplus, they created ongoing programs that will increase taxes in the future.

The one new program that will become extremely expensive is the paid family and medical leave program.

-J.

buckybadger wrote:

I’ll admit in my pessimistic view that it’s been a couple years since we rode it, but how does it work if that’s the policy? Is there someone physically there now to enforce it?

I don’t ride it a lot either. I use it when I need to go to the airport because it takes less time than driving and I don’t have to pay for any long term parking while I’m gone. Its like 3 bucks round trip from the airport to my office and takes 35 minutes to get there.

Its my understanding is that there is some kind of turnstyle device used in St Louis.

I will echo what others have said though, ridership is down, crime is up. And the cost to extend it westward is seemingly always going up.

glenn57 wrote:

<div class=”d4p-bbt-quote-title”>Eelpoutguy wrote:</div>
I heard this one yesterday –
DFL’s said the free school lunch program will cost $85 million. Whoops, after further review it will actually be $170 million.

and

MN has a $2 billion surplus this year, but wait. Oh that’s already underwater.

Listen to how Walz presents that with his fancy talk. You can feel him sticking it in without any lube.

I love the this state but will be leaving shortly. It just cost’s way too much to live here.

so is the moosehead going to south carolina too!!!!!!

Kinda funny – Down in Charlotte they have an old pizza hut turned into a bar and it’s called Moose Head. We love that place. Guy is from Boston and makes KILLER chicken wings and has a moose head on the wall. No where close to the one I bagged in South Dakota.

Just a question. Does MN charge sales tax on Rebates offered by car companies? Here is an example in WI.
You go to your local GM/FORD/RAM dealer for a new truck. Window sticker is 50k with a corporate rebate of 2k. So you pay 48k for the truck but in WI you have to pay sales tax on 50k. Just another BS tax in my opinion.

Historically, the State tax refunds are taxable if you itemized and took the state tax deduction the prior year.

Trump upped the standard deduction so fewer people itemize and claim state tax deductions.

With that said if the rebate is a reduction in state tax and you did not itemize … then it should not be taxable.

If you received a rebate check but did not pay state tax then it should be income and taxable, but then you are likely below the income threshold and would not pay Federal taxes anyways.

It all true the only ones that would actually pay federal tax on the rebate check are a few wealthy people living and implementing the buy, borrow, die strategy.

MN taxes everything it can tax, and the Dems find a way to spend all of it. I really do not understand how they keep getting voted in, without any competition.

I am lucky enough to say I was able to early retire, thanks to financial advice I was given when I was 21. But, after being retired for a year and a half, I can now see how much MN steals the money from retired folk with no income. We aren’t even getting Social Security payments yet, and MN is still one of the few states that taxes that as well. My wife and I have been looking for most of the year for new residence, domestic and abroad, even though my wife has strong feelings about leaving family and friends.

My choice would be Wyoming domestically, and Costa Rica abroad.

Minnesota has always been a BLUE state. I find it amazing how many Minnesotans must truly believe that the state spends their money better than they do.

At one recent time (not looking today to see if still is) the State House and Senate districut covering the city of Edina was entirely Democrat. That should tell you something.

The Dem trifecta in the state essentially guarantees that the spend more – tax more platform will continue. Education, Infrastructure, and the Basic redistribution of wealth.

Is it the educational system messaging minds from the get to ? Is it the colleges especially the MIAC colleges ? Someone please explain it ?

Interestingly the Iron Range and most of the Agricultural regions now lean to the Republican side, but the population density is too small to overcome the Democratic Hennepin and Ramsey counties along with much of Suburbia – surprisingly running left too.