Greetings from the Capitol, It was another busy week at the Capitol with several constituent meetings, floor sessions, and the release of the February budget forecast. $7.7 Billion surplus increased to a mind-boggling $9.3 Billion  Earlier this week, Minnesota Management and Budget (MMB) released the February 2022 State Budget and Economic Forecast, which provides information and an outlook for Minnesota’s financial picture. The report projects a budget surplus of $9.3 billion dollars, which is up from the previous $7.7 billion dollar surplus reported in the December forecast. It’s important to note that this surplus is above and beyond the two-year, $52 billion general fund budget that passed the legislature last session with bipartisan support. I thought the $7.7 billion surplus was massive, but $9.3 billion is absolutely mind-boggling. The state of Minnesota is simply collecting too much money from the taxpayers. At a time when people are struggling with record inflation and the state is over-collecting from taxpayers, Senate Republicans feel it’s important to provide permanent, ongoing tax relief to working Minnesotans and senior citizens. Our proposal does two things: Reduces the rate on the first tier from 5.35% to 2.8%. this would provide tax relief for all Minnesota workers. This would save individual taxpayers approximately $500 per year and working families approximately $1,000 per year. Fully eliminates state income taxes on social security income. Minnesota is 1 of only 13 states in the country that still taxes social security income. We are pushing permanent tax relief, so Minnesotans see more money in their pocket every single paycheck, week after week, month after month, year after year. Contact me As always, your feedback is extremely important to me, and I encourage you to share your input on the issues being discussed here at the Capitol. If you have any questions, thoughts, or ideas, please send me an email at sen.jeremy.miller@senate.mn or call my Capitol office at 651-296-5649. It’s a great honor to serve as your State Senator. Sincerely, Jeremy |
