Millions of Americans could receive up to $10,000 in direct payments and other financial benefits if a newly proposed bill will come to fruition.
One Minnesota Budget Plan
Minnesota Gov. Tim Walz unveiled the provisions inside his “One Minnesota Budget” plan on Tuesday. It included direct payments for millions of residents in the state and tax cuts for seniors. Aside from that, millions are also intended for the legalization of Marijuana, clean transportation, education, and more.
Gov. Walz said on Tuesday, “Today, we lay out the full picture of how this budget will lower costs, cut taxes, and improve lives for Minnesotans. With the largest tax cut in state history, the One Minnesota Budget invests directly in the people that made our state strong in the first place.”
According to a published report in Bring Me The News, Gov. Walz also mentioned that an amount of up to $10,000 will be given to a middle-class family-of-four if this will become a state law. He added, “We are delivering a transformational budget for Minnesotans, and I look forward to getting this done.
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Tax Cuts and Direct Payments
$4 billion of the state’s surplus budget will be sent back to the residents of Minnesota in the form of direct checks. It is estimated that around 2.5 million households will receive the check. Moreover, it was also mentioned that this will be an advanced income tax credit with the following structure.
- $2,000 for families with income below $150,000
- $1,000 for single filers making less than $75,000, plus $200 per dependent up to $600
Meanwhile, $8 billion in tax cuts for seniors and working families includes a $219 million plan to reduce state taxes on Social Security benefits is also allocated.