A Big Win for Minnesotans
Despite months of Governor Walz insisting on new tax hikes, Minnesotans won big this week when legislators reached an agreement regarding the state’s budget. Citing a budget surplus as a result of federal aid money and higher than projected state taxes boosting state coffers, the agreement will result in a budget with no new taxes going into effect.
The agreement was finally reached after both Governor Walz and his allies tried to implement billions of dollars in new taxes. Thanks to the efforts of lawmakers putting Minnesota above their allegiances to Governor Walz, this budget will help small businesses who received loans from the Paycheck Protection Program (PPP) to combat the loss of revenue as a result of Covid-19 regulations and shutdowns. Those same businesses will now no longer be forced to pay state taxes on the PPP loans, which at the time were intended to be a form of security for struggling businesses.
Although there are still many policy issues that have to be hammered out before an official agreement can be made, these measures will help many businesses and families who continue to struggle financially following the pandemic.