Dear Neighbors,
The Office of Management and Budget (MMB) released its November Economic Forecast last Thursday, revealing a projected surplus of $1.871 billion for Fiscal Years 2016-2017. State law requires $594 million of this surplus to be put into the state budget reserve, leaving an overall projected balance of $1.206 billion.
News of such a large surplus has laid the groundwork for the coming legislative session as lawmakers, constituents, and other groups have begun discussing what to do with this surplus.
While a surplus is good news for the financial stability of the state, such a massive surplus indicates that government is taking in more money than it needs. Simply put, Minnesotans are overtaxed.
Given this, I am committed to working hard to ensure that what the legislature does with this surplus reflects the priorities of Minnesotans. Priorities like middle class tax relief and funding our transportation needs—without raising the gas tax.
Last session, the House passed a tax bill that would have reduced taxes on middle class families, college students, seniors, veterans, small businesses, and more. These and other tax relief proposals will be on the table as we work to pass tax relief in the coming legislative session.
Please email me with your comments, questions, and suggestions about the budget surplus or any other issue. You can reach me at rep.jeff.backer@house.mn or call my office at 651-296-4929.
Sincerely,
Jeff