ST. PAUL – An updated state budget forecast continues to find positives in Minnesota’s economy.
On February 27, economic experts projected Minnesota now has a $17.5 billion budget surplus. This takes into account the increased spending that has already been signed into law, as well as inflation which is estimated at $1.42 billion.
“Despite the runaway spending being prioritized by the majority party, we still have a surplus of $17.5 billion,” said State Representative Bjorn Olson (R-Fairmont).
According to the Minnesota Management and Budget Office, higher collections this fiscal year and higher profits raised the individual income and corporate franchise tax forecast.
Despite the overwhelming surplus, Olson said House Democrats have had no discussions of providing Social Security or income tax relief to Minnesotans.
“The majority party has had plenty of discussions on a variety of ‘revenue raisers,’ including higher vehicle tab fees and a metro area sales tax,” Olson said. “But on the topic of returning the surplus to hardworking Minnesotans, there has been radio silence.”