News Release
HALEY RESPONDS TO RECORD-SETTING SURPLUS
ST. PAUL — On Tuesday Minnesota Management and Budget released the November budget forecast showing a record-setting $7.7 billion projected surplus for the 2022-2023 biennium. State Representative Barb Haley, R-Red Wing, issued the following statement regarding the forecast report.
"This surplus is the result of overtaxing hard-working Minnesota taxpayers. At a time when Minnesotans are struggling with inflation, higher energy and gas costs, government should return the surplus to taxpayers. Now is not the time for our state government to hoard $7.7 billion in excessive taxes collected from taxpayers."
Later this month, Minnesota businesses are expected to be hit with a 15% or higher hike to address the $1 billion deficit in the Unemployment Insurance Trust Fund. House Republicans have urged Gov. Walz to take action to avoid a harmful tax increase on businesses struggling with inflation and supply chain challenges. In addition to the $7.7 billion surplus, Minnesota has more than $1 billion in COVID relief dollar available, which 31 other states have used to address UI debts owed to the federal government.
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