ST. PAUL – An updated state budget forecast continues to find positives in Minnesota’s economy.
On February 28, economic experts projected Minnesota now has a $9.25 billion budget surplus, which is up $1.5 billion from the previous projection in November.
“With our budget set for this biennium, this record surplus proves Minnesota has more money than it needs,” said State Representative Rod Hamilton (R-Mountain Lake). “It’s time to provide significant tax relief to Minnesotans.
Hamilton said with this surplus, there are many options to provide tax relief to hardworking Minnesotans. One option he strongly supports includes eliminating the taxation of senior citizens’ Social Security benefits. Another would be to replenish our state’s unemployment trust fund, as if lawmakers fail to do so before March 15 it will result in a tax increase of 15% or more on all local business owners.
“While state government is doing great, the Biden/Walz economy has not been kind to hardworking Minnesotans as they are struggling to pay more for groceries, gasoline, energy and almost everything else,” Hamilton said. “Minnesotans need permanent and significant tax relief that will help them with rising costs now and in the future.”