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 projects a record surplus of $9.25 billion. The surplus increased significantly from the December forecast, which projected a $7.74 billion surplus at the time.

Senator Bill Weber (R-Luverne) issued the following statement:

“I’m glad to see the budget forecast in an even more economically sound position than was projected at the end of last year. However, it does clearly continue to signal that Minnesotans are being overtaxed. With folks facing harder financial choices and the growing burden of record inflation, our number one priority should be returning this surplus to families, seniors, and main street businesses. That coupled with permeant reforms that empower individuals will boost our economy and make Minnesota an even better place to live, work and play.”

Last week, Senate Republicans 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 the Senate’s plan to get Minnesota on the Right Track. The focus for Republicans this session is on making life affordable, reducing crime, and empowering parents.