ST. PAUL – Minnesota’s budget surplus continues to snowball and State Rep. Steve Green, R-Fosston, said he continues his call for permanent tax relief at a time people are facing higher costs of living.
Minnesota Management & Budget issued its February economic forecast Monday and it projects a $9.3 billion biennial surplus. That figure is up $1.5 billion from the already historic $7.7 billion surplus projected in November. State officials indicate “A higher income, consumer spending, and corporate profit forecast results in an improved revenue projection while spending is slightly lower in E-12 education and Health and Human Services.”
“This surplus is an over-collection from taxpayers, so let’s put these dollars back in taxpayer hands,” Green said. “It’s a simple as that. Our government is funded for the biennium and all areas of tax relief should be up for discussion this session, starting with ending our state tax on Social Security. This would help offset skyrocketing prices people are paying for just about everything in the Biden-Walz economy. I look forward to working on the best ways to provide permanent, real tax relief for Minnesotans as this session unfolds.”
In its report, MMB also indicates the structural balance in the FY 2024-25 planning estimates remains positive and largely unchanged from November.?It also says uncertainty due to inflation and geopolitical conflict pose risk to the budget and economic outlook.
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