The office of Minnesota Management and Budget (MMB) today released its annual November economic forecast. The report, which details the state’s budget picture, projects a surplus of $17.6 billion for the upcoming fiscal year 2024-2025 budget cycle.

Senator Jeremy Miller (R-Winona) issued the following statement:

“Senate Republicans have worked hard to stop out-of-control spending with strong fiscal responsibility. With that said, a massive budget surplus of this size means the state is over-collecting from taxpayers. Significant tax relief should be a top priority for the upcoming session. Minnesota is one of the highest-taxed states in the country, including 1 of only 12 states that taxes Social Security benefits. The legislature should pass a tax bill in January to provide Minnesotans who pay taxes with immediate relief, including the full elimination of taxes on Social Security benefits, which is a top priority for me.”