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$1,000 to $2,000 Individual Tax Rebates due to Huge State Surplus – Minnesota Gov. Tim Walz Proposes

8.7% Social Security Cost-Of-Living Adjustment - What does it mean?
8.7% Social Security Cost-Of-Living Adjustment - What does it mean? (PHOTO: THE MOTLEY FOOL)

Minnesota Gov. Tim Waltz says his budget includes tax cuts from the state’s huge $17.6 billion budget surplus, but the payout is less than he once wanted.

Minnesota Gov. Tim Walz said Friday that his budget plan includes tax cuts from the state’s massive $17.6 billion budget surplus, but said the payout would be less than he once wanted.

The governor acknowledged that his proposal, which launched last year at $1,000 for individual applicants and $2,000 for joint applicants, has received “tepid support” among Democrats so far. But he had no intention of revealing new numbers before the January budget announcement.

“I think people are feeling inflation, even if it subsides a little bit. A little surplus would really help,” Waltz said in an interview with The Associated Press.

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The governor also said his budget would suggest adjusting state aid to school districts because of inflation. He said he first disclosed the details earlier in the day during a meeting with school board members and superintendents. This is in line with his pledge in his second inaugural address on Monday to make the largest investment in public education in Minnesota’s history. Democrats took control of both houses of the Minnesota legislature on Tuesday after upending the Senate in November’s election. But even after winning the Senate, House and Governor’s “three straight victories,” disagreements are starting to emerge among Democrats.

House Speaker Melissa Hortman of Brooklyn Park and House Leader Jamie Long of Minneapolis revealed at a news briefing Wednesday that the family tax credit will be capped at $3,000 for each child under the age of five. . But Hortman also believes that her new tax committee chairman, Rep. Aisha Gomez of Minneapolis, and Von Waltz’s new Treasury secretary and former House tax chairman, Paul Marquardt, could reach a compromise. He said he was confident he could. Walz offered a hefty rebate last year when the expected surplus was just $9.25 billion. However, the 2022 parliament is in a partisan stalemate, with most of the extra money going unused. Senate Republicans called for a permanent tax cut, but their luck ran out when they lost their majority in November.

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