ST. PAUL – State Representative Marj Fogelman (R-Fulda) said Minnesota’s latest budget forecast found a surplus that has now grown to a record 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.
“Moving forward, significant tax relief simply has to be part of the surplus discussion,” Fogelman said.
Fogelman said a mammoth surplus also allows the state to provide historic - and permanent - tax relief to the hardworking Minnesotans who are struggling to pay the rising costs on food, gasoline, energy, and other cost-of-living necessities that have skyrocketed in price.
Fogelman said there are many tax relief areas that can be addressed with a surplus of this magnitude, including eliminating the tax on Social Security benefits for all Minnesota senior citizens and reducing income tax rates for the middle class.
“State government has enough of your money, and lawmakers need to find ways over the final three months of session that allow you to keep more of what you earn,” Fogelman concluded.