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Health & Fitness

New Budget Forecast Shows $1.2 Billion Surplus

Minnesota made important progress over the past year thanks to our talented workforce, outstanding businesses, and a new honestly balanced state budget that did not use any gimmicks or shifts.

Earlier today Minnesota Management and Budget released an updated budget forecast that shows our state has a $1.2 billion surplus, $408 million higher than projections released last November.

That’s a big improvement from Minnesota’s fiscal outlook one year ago, when the state faced a $627 million budget deficit and owed our schools over $800 million in debt.

Minnesota made important progress over the past year thanks to our talented workforce, outstanding businesses, and a new honestly balanced state budget that did not use any gimmicks or shifts. We can continue building on that progress this year by using our surplus to provide additional tax relief for middle class Minnesotans and small businesses.

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The House Taxes Committee passed a $500 million tax cut package yesterday that repeals all three new business-to-business taxes and cuts taxes for middle class Minnesotans by enacting federal tax conformity, which makes it easier for people to file their taxes and eliminates unnecessary burdens like the “marriage penalty.” According to the nonpartisan House Research Department, getting rid of the marriage penalty alone would reduce taxes by an average of $115 per year on 650,000 tax returns.

I’ll be working hard over the coming weeks to pass the House tax cut package as well as a bipartisan capital investment bill so we can help individuals, families, and businesses who have not yet felt the economic recovery.

Find out what's happening in Burnsvillewith free, real-time updates from Patch.

I hope to see you at one of my upcoming Listening Sessions, the first of which is tomorrow on Saturday, March 1 from 10:30am-12:00pm at Jo Jo's Rise and Wine, located at 12501 Nicollet Avenue in Burnsville. It’s a great opportunity for you to ask questions, share feedback, and tell me about your legislative priorities for the 2014 Session.

If you’re unable to make it, you can always contact me by phone at (651) 296-5387 or by email at rep.will.morgan@house.mn

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