State Representative Bob Gunther (R-Fairmont) said Minnesota’s economy continues to be positive as economic experts found a projected $1.3 billion budget surplus for the remainder of the 2020-21 budget cycle.
“We’ve seen a surplus in 12 of the past 13 budget updates,” Gunther said. “To me, it shows we’re collecting plenty from the taxpayers and that’s there no reason to consider any form of tax increase next session.”
According to Minnesota Management and Budget, a better than expected close to the last biennium, an improved revenue forecast, and a small decrease to estimated spending create the $1.3 billion forecast surplus.
In addition, the surplus allows us to completely fill the state’s budget reserve account. This means Minnesota now has $2.359 billion available the next time we face an economic downturn.
“Now is the time for more tax relief,” Gunther said. “The policies Republicans approved a few years back are working well for the State of Minnesota. We should allow our residents to keep even more of what they earn, because state government does not need it.”
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