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Greetings,
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The big news from the State Capitol this week was the unveiling of the state?s updated economic forecast ? an unbelievable number that exceeded nearly everyone?s expectations.
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PROJECTED BUDGET SURPLUS: $17.6 BILLION
State economists are now projecting Minnesota will have a $17.6 billion budget surplus for the upcoming 2024-2025 budget cycle. This is a $5.5 billion change from the previous analysis.
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To be clear, lawmakers ended session last year without allocating a $7 billion surplus, which is a significant reason why the total is so high. But the $17.6 billion figure is a record, nonetheless.
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To me, the common sense thing to do is to find ways to put this surplus back in the hands of the taxpayers.
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One of the first things we should be doing is providing tax relief to all of Minnesota?s senior citizens. My bill that would eliminate state income taxation from Social Security benefits would do just that. For many seniors, Social Security is their primary income source. Now that Minnesota has a $17.6 billion budget surplus, and both Republicans and Democrats made this a priority on the campaign trail this fall, it?s time to put those words into action and end this unnecessary taxation.
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We should also reduce the personal income tax for lower and middle-class Minnesotans to allow people to keep more of their money. With people paying over $4 for a carton of eggs and $6 for a pound of hamburger, Minnesotans need to be able to keep more of what they earn just to pay for the everyday necessities of life.
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Even Governor Walz admitted recently that we need to balance out revenues with state spending. A $17.6 billion surplus shows we?re taking too much in taxes from Minnesotans, and we need permanent tax cuts to stop overtaxing Minnesotans.
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KEEP IN TOUCH
As always, I'm continuing to support constituent needs. Feel free to contact me anytime at [email protected] or by phone at 651-296-7808.
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Be well,
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Tim
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