Minnesota well-positioned to fund priorities without raising taxes
CLEARBROOK, MN – New budget estimates released by Minnesota Management and Budget show the last Republican budget led to a $1.5 billion budget surplus heading into the 2020-21 biennium. The state’s rainy day fund will receive a $491 million infusion, bringing it to a record high of over $2 billion. Minnesota also has a significant structural surplus moving forward through the 2022-23 biennium.
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. Republicans will consider more tax relief in light of the significant budget surplus.
“This news shows the work we did to fund common-sense priorities and not spend wastefully delivered for Minnesotans,” said Rep. Matt Grossell, R-Clearbrook. “We heard from every Democrat near a microphone that the federal tax cuts and the GOP tax relief we passed in 2017 were going to be a disaster for the economy – again, the exact opposite has been shown to be the case.”
“With a $1.5 billion dollar surplus, the last thing anyone in St. Paul should be talking about is raising taxes. I will stand strong against any efforts by Governor Walz and the Democrat House to raise taxes on hardworking Minnesotans.”