St. Paul, MN—State Representative Jon Koznick, R-Lakeville, issued the following statement regarding today's news that Minnesota has a $1.3 billion budget surplus for FY20-21.
"A large budget surplus thanks to a growing economy and fully funded budget reserves has made clear that Republican-led tax cuts at the federal and state level have put Minnesota on a path to sustained economic prosperity. Our state economic consultants have said that tax cuts generate growth. We should listen to their advice and look at giving as much of this surplus back to taxpayers through tax relief as we continue to grow our economy."
This session, the legislature passed a portion of a bill (House File 174) that Koznick has authored every year since 2015 that reduces income tax rates for middle-class families.
"I was proud to see a portion of my bill become law this year and I look forward to building on this success in the coming legislative session. When Minnesotans can keep more of their hard-earned money, our state and local economies flourish."
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