Minnesota’s Department of Management and Budget (MMB) today released its November revenue forecast, which provides information and outlook for Minnesota’s financial picture. The report projects a record surplus of $17.6 billion for the next budget cycle, which is up from the previous $9.25 billion surplus in the February forecast. 

During the 2022 legislative session, Senate Republicans fought hard for permanent tax relief, including permanent tax cuts to the lowest income bracket and full exemption of Social Security taxes, but Governor Walz and Democrats refused. 

Senator Andrew Mathews (R-Princeton) released the following statement:

“This astounding and massive surplus is a harsh reminder that this is gross overcollection of money coming at the expense of our citizens and taxpayers,” Mathews said. “From skyrocketing inflation rates to surging energy prices, Minnesota families’ budgets are being hit drastically and they are struggling to afford everyday expenses. We must right-size our government spending and provide significant and extensive permanent tax cuts to guarantee Minnesotans see more money in every paycheck.”