Minnesota’s Department of Management and Budget (MMB) recently released its February revenue forecast, which provides information and outlook for Minnesota’s financial picture. The report projects a surplus of $9.253 billion for the next budget cycle, which is up from the previous $7.7 billion surplus in the December forecast.

Senator Warren Limmer (R-Maple Grove) released the following statement:

“A $9.25 billion surplus means we overtaxed our taxpayers by more than our $50 billion budget – a whopping 18.5% more than what we need,” said Sen. Warren Limmer. “This surplus is atrocious! While the government may have a strong surplus, Minnesotan families and workers are struggling due to worsening inflation rates. To solve this condition, we need meaningful, long-term tax relief now. One way we can provide this is by fully eliminating the Social Security income tax on our seniors. I put forward a bill this session to do just that. With a $9.25 billion surplus, now is the perfect time to stop taxing seniors twice on this important benefit. This is long overdue.”