Sen. Rich Draheim: Budget surplus result of tax relief

 

On Tuesday, February 28, officials at with the State of Minnesota announced a state government budget surplus of $329 million. The surplus is $518 million more than the projected $188 million deficit predicted by state officials in November. The Minnesota Department of Management Budget attributes the surplus to an increase in revenues due to an improved economic outlook and stimulus from tax law changes.

“Last legislative session, we passed over $600 million in state tax relief,” said Senator Rich Draheim. “Now, the state’s surplus is over a half-billion dollars more than projected. This proves that more money in the pocketbooks of Minnesotans grows our state’s economy.”

In addition to the budget surplus, Minnesota is experiencing its lowest unemployment rate in over 17 years. Republican leaders in the Senate look to build off this momentum and reform the state’s tax code in response to the federal government’s recent changes.