Minnesota Senate Republicans made good on an early session promise Thursday to give back Minnesota's historic $9 billion budget surplus with the largest permanent tax cut in state history.
The Minnesota Senate passed a landmark tax bill that reduces the first-tier tax rate for all filers from 5.35% to 2.8% and includes a provision to eliminate the state income tax on all Social Security benefits. The bill provides taxpayers with a much-needed $8.43 billion in relief over the next three years.
Said District 22 Sen. Bill Weber, Republican from Luverne: "I've heard from constituents from all across the district, they all want record surplus to be returned to Minnesotans, and the best way we can do that is by providing permanent tax relief, As one of the highest taxed states in the country, we have a real opportunity to help families and seniors and change the tax narrative in Minnesota. People are being hammered by inflation and a struggling economy. We must do the right thing and give this money back.”