Here We Go Again

Remember that unprecedented $17B budget surplus state leaders are sitting on? Me neither (especially since we haven’t shut up about it since 2022). Apparently those elected officials learned nothing: tax collection is currently 5% higher than forecasted.

Here’s Five Fast Facts About Minnesota Tax Collection:

1. 📈 Make a Stash - General fund revenues sit at just under $4B in February and March. That’s $176M above the predicted level.
2. 💰 New Car - Most of the money came from income tax payments that totaled over $2B. The state predicted $155M in collection. How can these dumdums not do math?
3. 🏬 Caviar - Guess who paid less? If you said “corporations,” you win! They paid 7% less than predicted.
4. 🧾 Four Star - “What about sales tax?” You’re probably not asking since your nose is bleeding from a rage stroke but I’ll answer anyway. Those came in lower, too, at about $9M less than expected.
5. 💳 Daydream - If you’re not frustrated enough, money from various fees and charges you paid totaled $577M, which is $57M more than forecasted.

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🔥Bottom line: If you’re looking to make a good argument about eliminating income tax in the state, these past two years have been exactly what you need. The money is coming directly from your pockets while corporations pay less. Worse, the state sits on it and can’t agree to do anything. This applies to both sides of the aisle, too, not just one party. It’s time to do more than complain on Facebook from your armchair.

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