The Brief
- Minneapolis is exploring new revenue strategies to boost tax revenue.
- The report shows Minneapolis has lower per capita tax revenue compared to similar metropolitan areas.
- The report proposes 12 different revenue strategies for consideration, including a city-level income tax.
MINNEAPOLIS (FOX 9) – A new report is suggesting new ways for the City of Minneapolis to boost tax revenue, including imposing new taxes, like a city income tax, as the city lags behind other similar metros.
New report on tax revenue
The problem:
The report shows Minneapolis’ per capita tax revenue (simply the amount of money the city brings in through taxes) is lower than comparable cities.
At a meeting on Wednesday, the Minneapolis Board of Estimate and Taxation will receive a report on how to increase its revenue, which includes suggestions for new taxes.…