ST. PAUL – State Rep. Jim Nash, R-Waconia, issued the following statement in response to new budget estimates released by Minnesota Management and Budget showing the last Republican budget led to a $1.5 billion budget surplus heading in to the 2020-21 biennium. The state’s rainy day fund will receive a $491 million infusion, bringing it to a record high of more than $2 billion. Minnesota also has a significant structural surplus moving forward through the 2022-23 biennium.
“This sets the stage for an interesting 2019 session, where Democrats likely will try to explain why they want to raise taxes on Minnesotans even though our government already has $1.5 billion in excess tax collections and overflowing reserves,” said Rep. Jim Nash, R-Waconia. “These surplus funds should be returned to taxpayers, not seen as a license to expand government programs and then go for even more tax increases. House Republicans have made taxpayers top priority and this forecast once again shows the results of that approach have been positive. I will continue advocating for taxpayer relief this session as finance decisions are made and urge the new House majority to take the same stance.”
In the last biennial budget, Republicans passed the largest tax relief package in nearly two decades, benefiting seniors, college graduates, Main Street businesses, and farmers.