ST. PAUL, MN — On Tuesday Minnesota Management and Budget released the November budget forecast showing a record-setting $7.7 billion projected surplus for the 2022-2023 biennium. Representative Mary Franson, R-Alexandria, issued the following statement regarding the forecast report:
"When state government is flush with cash while families and businesses struggle amidst inflation and a supply chain crisis, it is clear that we need to change. Minnesota’s current path is not sustainable. We need to cut taxes and reduce spending. A $7.7 billion budget surplus takes all tax increases off the table next session. I will continue to fight for every Minnesotan’s pocketbook to make sure that government is a responsible steward of people’s hard-earned tax dollars.”
Later this month, Minnesota businesses are expected to be hit with a 15% or higher hike to address the $1 billion deficit in the Unemployment Insurance Trust Fund. House Republicans have urged Gov. Walz to take action to avoid a harmful tax increase on businesses struggling with inflation and supply chain challenges. In addition to the $7.7 billion surplus, Minnesota has more than $1 billion in COVID relief dollar available, which 31 other states have used to address UI debts owed to the federal government.