ST. PAUL (AP) — Democrat Mark Dayton’s second stab at a plan to resolve Minnesota’s projected budget deficit leaves the gubernatorial candidate about $1 billion shy of a complete fix, his campaign acknowledged Tuesday.

In releasing the proposal, Dayton’s campaign labeled it “a working document that clearly shows the direction Dayton will take as governor to close the nearly $6 billion deficit.” They contended he offered the most concrete information about where cuts and new money would occur.

Dayton, a former U.S. senator, is counting on $3.6 billion in new state revenue, mostly in the form of increased taxes on the wealthy. Individuals with taxable income above $130,000 and couples above $150,000 would pay a new 10.95 percent rate once their income hits those levels. Currently, individuals earning in excess of $75,000 in taxable income and couples earning $132,000 pay at a 7.85 percent rate.

Dayton’s plan would also levy an additional 2 percent property tax on homes valued at more than $1 million. So-called snowbirds who spend their winters outside of Minnesota would find it tougher to exempt income from taxes here.

His plan also relies on $300 million in profits from a yet-to-be-authorized state-owned casino at the Mall of America or Minneapolis-St. Paul airport. He would also tax credit card companies charging interest rates above 15 percent.

Dayton had initially hoped to generate nearly $4 billion through a new high-end income tax. But state calculations showed he couldn’t raise half that unless he tried to enact the highest-in-the-nation tax rate.

Dayton spokeswoman Katharine Tinucci said the campaign is still in search of a way to close the remaining gap, either through more taxes or deeper spending cuts. Dayton hasn’t ruled out a slower repayment of more than $1 billion in state IOUs to schools. His goal was to catch up entirely on the school payments in his first two-year budget.

Dayton’s main rival, Republican nominee Tom Emmer, has laid out spending-cut targets that, if enacted, would close an estimated $5.8 million budget gap. Emmer has said he would cap two-year state spending at $32.3 billion, the amount the state would have in hand after cutting more than $600 million in business taxes he previously proposed.

That’s above the $30.7 billion currently being spent, but doesn’t account for payments to schools that were put off or soon-expiring federal stimulus dollars that propped up state programs before.

Emmer would dial back spending on subsidized health programs, higher education and state assistance to local governments. He hasn’t offered specific plans for reaching his targets, however.

Emmer criticized Dayton’s approach.

“It doesn’t matter which taxes. It’s still the wrong answer at the wrong time,” Emmer said in a debate Tuesday in St. Cloud. “This is not the time to be talking about raising any taxes in the state of Minnesota or the United States of America.”

The Independence Party’s Tom Horner has proposed expanding the state sales tax to clothes and professional services and raising state tobacco taxes. He seeks $2.45 million in largely unspecified spending cuts and, like Emmer, would delay the repayment of the school IOUs for at least a couple of years.

At the St. Cloud debate, sponsored by the local chamber and rotary, Horner said his opponents are offering solutions that either punish the poor or go after the rich.

“I think Minnesotans want a shared solution on all of these issues,” Horner said.

Dayton’s latest proposal outlines $1.2 billion in spending cuts. The largest chunk of his anticipated savings — $425 million — would come from reducing the amount of state work done by outside vendors. He makes smaller nips too, such as eliminating the state trade office.

New components in his spending plan include cutting pay for state college administrators who make more than $120,000 a year. He also calls for savings by reducing paperwork and increasing electronic record keeping for medical care.