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Increased revenue shows tax relief is driving economy, grassroots group says
BURNSVILLE, MN – Americans for Prosperity-Minnesota (AFP-MN) today urged Governor-elect Tim Walz and the state legislature to refrain from raising new taxes after the state budget forecast released today showed a projected $1.544 billion balance for the 2020-2021 budget.
That number represents the net balance even after the state makes a statutorily required transfer of $491 million of surplus to the budget reserve, meaning the state is set to overcharge taxpayers by nearly $2 billion above what is needed to fund the state’s budget in the upcoming biennium.
AFP-MN State Director Jason Flohrs issued the following statement:
“This latest budget forecast shows tax reform is working. Although Minnesotans still face a very burdensome state tax code, federal tax relief for employers and families is growing state revenues and setting our state up for a better and brighter future. We need to continue to build on this momentum and make our state more competitive with further tax relief at the state level.
“Governor-elect Walz and the legislature should abandon any proposals to impose new taxes that will only set our state back. Instead of increasing the gas tax, adding additional state-imposed costs on doctor’s visits or prescription drugs, we should look at what’s working and continue our growth with more tax relief.
“The Walz Administration and legislature need to understand that Minnesota families and businesses are already confronted with a stealth tax increase baked into these surplus numbers. Due to Governor Dayton’s veto last year of the legislature’s tax relief and federal conformity bill, Minnesotans are projected to pay hundreds of millions of dollars of additional taxes.”