On Monday, Minnesota’s Office of Management and Budget (MMB) released its February revenue forecast, which provides information and outlook for Minnesota’s financial picture. The report showed us a record surplus of $9.25 billion. The surplus shockingly increased from the December forecast, which projected a $7.74 billion surplus at the time.

Minnesotans are struggling to balance their budgets, and the inflation rate is absurd. This record surplus provides us an opportunity to help all Minnesotans and I think we should use it to secure them permanent tax relief. We can’t just do one-time gimmick checks as our Governor proposes. No, that won’t undo the damage of being one of the highest tax states. Instead, we need ongoing serious relief that gets dollars back in people’s pockets, and Minnesotans deserve the biggest tax cut in our history.

Last week, we proposed significant changes to the state’s tax code. The proposal reduces the first-tier income tax rate from 5.35% to 2.8% and eliminates the state’s tax on Social Security benefits. If passed, the changes would be the biggest tax cut ever and provide $8.51 billion in tax relief to taxpayers over the next three years.  

This relief couples with our plan to get Minnesota on the Right Track. The focus for us this session is on making life affordable, reducing crime, and empowering parents.