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Legislative News and Views - Rep. Steven Jacob (R)

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Wednesday, March 1, 2023

ST. PAUL – Minnesota’s record budget surplus continues to stay at an unprecedented high.


On February 27, economic experts projected Minnesota now has a $17.5 billion budget surplus. This takes into account the increased spending that has already been signed into law, as well as inflation which is estimated at $1.42 billion.


“It is yet another sign that state government has too much of the people’s money,” said State Representative Steve Jacob (R-Altura). “We’re now projected to see budget surpluses though Fiscal Year 2027, so we really need to get serious about getting money back to the taxpayers.” 


According to the Minnesota Management and Budget Office, higher collections this fiscal year and higher profits raise the individual income and corporate franchise tax forecast; however, the statutory inclusion of inflation in the spending forecast offsets the gain in resources. 


With this surplus, Jacob said there is no excuse for lawmakers not to fulfill their campaign promises of Social Security tax relief for all Minnesota senior citizens.


“To date, more than 2,100 bills have been introduced in the Minnesota House, and almost none of them from the Democrat side address tax relief,” Jacob said. “On the campaign trail last fall, the overwhelming majority of Democrat candidates agreed with the Republican priority on full Social Security tax relief for all, so many of us are very frustrated with the lack of action at this point.”