Agenda - Council - 11/25/1981 - Laserfiche WebLink

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I I I I 'i I I I I I I I I I I I I ! ].14(3) 313(4) Example: 1) 2) Earnings $15,000 (maximum weekly benefit) Earnings $20,000 ($15,000 - $5,000 = $10,000 credited wage resulting in 2/3 maximum weekly benefit) d) The legislature should review the enforcement of resi- dency eligibility requirements and tighten reporting requirements. Checks should only be mailed to Minnesota addresses. Corporate and personal income tax rates must be reduced over a five year period to provide existing and new businesses with the needed flmds to compete, maintain, and expand their businesses. These reductions would stimulate the State's economy, increase production and improve employment. Legislation is needed to: a) Reduce corporate income tax rates to 6% on the first $50,000 and to 10% on the maximum rate. Timetable: $50,000 income: Over $50,000: 9% July 1, 1985 6% July 1, 1987 11% July 1, 1985 10% July 1, 1987 b) Reduce the maximum personal income tax of 16% to 12%. Timetable: Maximum tax: 14% July 1, 1985 ~2% July 1, 1987 c) Accelerate depreciation schedules similar to the Federal 10-5-3 schedule. Timetable: Federal conformance, retroactive to August, 1981. (As in St. Paul Chamber "2001 Report") The product liability system should be reformed to: a) Define and lessen ii'ability for products that were altered or misused. b) Payments on product liability claims should be spread over the time period that the loss covers, i.e., rest of the person's life or other time period used in the court case or settlement. c) Establish limits of liability and philosophy of "real loss" rather than the current use of "pain and suffering" as a basis of claims. ' d) Set statute of limitations on filing claims.