SAINT PAUL, MN – Gov. Tim Walz released his $52 billion budget proposal for the 2021-2022 biennium on Tuesday. His plan proposes $1.7 billion in new taxes, including a 15% tax increase on businesses and a 10% hike on Minnesota’s top tax bracket. The proposal only calls for $150 million in cuts, or about 0.3% of the budget.
Rep. Susan Akland, R-St. Peter, released the following statement in reaction to the Governor’s proposed budget:
“The budget Gov. Walz proposed will not move our state forward, in fact it would only slow our economic recovery and hurt the businesses that have suffered under his shutdown orders. Our businesses cannot afford a 15% tax hike, which would give Minnesota the second highest tax rate in the nation. In his press conference, the Governor insisted that he is only taxing the wealthy, but $941 million of his $1.7 billion tax increases are regressive taxes that impact Minnesotans at every income level.
“Just as our families tightened their budgets over the last year, let’s rein in government spending, too. Let’s tap the budget reserve and solve the deficit without causing more harm to our state’s hard working families and businesses.”