Dear neighbors,
Minnesota received great news on Friday. According to a new budget forecast, our state has a surplus of over $1.2 billion.
That’s a major improvement from our fiscal outlook one year ago when Minnesota faced a $627 million budget shortfall and owed our schools over $800 million in debt.
All signs show that Minnesota’s economy is moving in the right direction. We can build on our progress over the coming weeks but using our surplus to provide additional tax relief for middle class Minnesotans and small businesses.
The House Taxes Committee passed a $500 million tax cut package on Thursday that repeals all three new business-to-business taxes and cuts taxes for middle class Minnesotans by enacting federal tax conformity, which makes it easier for people to file their taxes and eliminates unnecessary burdens like the “marriage penalty.”
According to the nonpartisan House Research Department, getting rid of the marriage penalty alone would reduce taxes by an average of $115 per year for 650,000 families.
I strongly support the House tax cut package and I am optimistic our entire chamber will approve it as soon as possible.
If you have any questions, comments, or other feedback about the new budget forecast or the House tax cut package, please feel free to give me a call at (651) 296-5363 or email me at rep.peter.fischer@house.mn.
Sincerely,
Peter Fischer
State Representative, District 43A