ST. PAUL – Minnesota’s record budget surplus has just hit another new record.
On February 28, state economists unveiled that Minnesota’s surplus, which was projected at $7.746 billion in early December, has now grown to an astonishing $9.25 billion.
“It is yet another sign that state government has too much of the people’s money,” said State Representative Greg Davids (R-Preston). “Minnesotans are overcharged when it comes to taxation within this state, and it’s high time they receive some tax relief.”
According to the Minnesota Management and Budget Office, strong growth in income, consumer spending, higher tax receipts and slightly lowered state spending helped contribute to the surplus projection.
Davids noted that Minnesota’s budget is already fully funded for the current biennium.
“We have the opportunity to do something really meaningful for hardworking Minnesotans this year,” Davids said. “Minnesotans are struggling mightily under the Biden/Walz economy, paying more to heat their homes, feed their families, and fill their gas tanks. Whether we finally eliminate the taxation of Social Security benefits or reduce income tax rates for middle class Minnesotans, significant tax relief is clearly needed, and this record surplus gives us the opportunity to do it.”