Today’s February Economic Forecast revealed a projected $900 million dollar surplus. This number is down from earlier projections, but shows Minnesota has a stable economy. The last thing we want to do is jeopardize that.
Republicans say we should “put families first and give it back,” but they are committed to renewing their promise to big businesses and the wealthy this session in HF848, last year’s omnibus tax bill, which is still in conference committee. Earlier this month, Rep. Steve Drazkowski (R-Mazeppa) said there was “strong anticipation” to act again on the proposal this year.
The Republican plan would provide billions in tax cuts for the owners of the largest corporations in the state, many of whom don’t live here, and provide little for working Minnesotans and their family budgets. HF848 also serves a glaring reminder of the non-productive 2015 legislative session that resulted in a special session and a series of “lights on” budget bills after Republicans refused to compromise.
With a more modest surplus than expected, the funds would be best used to ensure a strong economic future for all Minnesotans – whether that be through targeted investments in education, student debt relief, and things like paid leave and earned sick time – by building on the progress we’ve made to make Minnesota’s economy work for everyone, not just the wealthy few.