ST. PAUL – Minnesota’s budget surplus continues to see government flush with mountains of extra cash and State Rep. Eric Lucero, R-Saint Michael, said the conditions remain ripe for permanent tax relief at a time people are facing higher costs in all areas of their lives.
Minnesota Management & Budget (MMB) 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 last 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.”
Lucero said the state already is fully funded for the biennium, meaning robust tax relief should be in store with the state’s whopping excess revenue.
“Individuals, families, and businesses across our state are hurting due to skyrocketing price increases,” Lucero said. “The Democrat tax-and-spend agenda, combined with the Biden inflation, has created crushing prices for gasoline, food, energy, housing, and almost everything else. Government has plenty of extra cash from high taxes while good people are suffering.”
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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