Governor Tim Walz proposes keeping the $4 Billion surplus in the government coffers citing concerns over potential emergency needs due to the COVID-19 outbreak. Currently the state of Minnesota is holding onto a record surplus and budget reserves that equates to $1,000 per taxpayer.
Walz' proposal is to spend $256 Million on new spending programs and retain billions of dollars in government accounts, according to KSTP.
In this climate, it seems the prevailing wisdom from politicians in St Paul is that it's more important for government to hold onto our money than for families to have it back in their pockets. However, Rep Jeremy Munson authored the Give It Back Act last week that would issue refund checks to Minnesota taxpayers up to $1,000 per individual, $2,000 per couple. Five other Republican legislators have signed onto the legislation in the House.
Minnesota families are about to experience significant financial disruptions in their lives. Schools are closing, meaning parents will either have to take leave with their jobs or hire child care providers to watch their kids. All the industries connected to travel and sports are going to have massive layoffs. And those who depend on income from securities tied to market performance, will be taking big pay cuts as the stock market loses value.
So what is the argument for government to have our money in this crisis? If there was ever a time for government to give back the surplus and extend the tax filing period, now is that time.
SIGN OUR PETITION and tell Governor Walz and politicians in St Paul to give us our $1,000 back now!