Minnesota lawmakers are in an unusual position. The state has a large financial surplus and must now decide how to spend it. Governor Tim Walz announced a plan in January, offering residents the largest tax relief package in state history.
But it isn’t all. As part of the ambitious plan, up to 2.5 million Minnesota households may get a $2,600 refund check.
Minnesota Stimulus Checks
Those earning up to $75,000 per year would receive an additional $1,000 in their bank accounts. Married couples earning up to $150,000 might expect a $2,000 tax credit. In addition, parents would receive a $200 rebate for each kid, up to a maximum of three children. The benefit would be $2,600 for a married couple with three children.
The number of stimulus checks will be predetermined. Single filers with an annual income of up to $75,000 will receive $1,000, while married couples with an annual income of up to $150,000 would receive a $2,000 rebate.
In addition, parents will receive a $200 rebate per child for up to three children. As a result, a family of five can expect a benefit of $2,600.
- State tax breaks for Social Security claimants totaling 350,000.
- Child tax credits are budgeted at $1.1 billion.
- A paid family and medical leave scheme worth $670 million will be funded.
- A $300 million budget is set aside to assist public safety agencies.
- Extra public school spending is budgeted at more than $4.4 billion.
- A $458 million budget is set aside for a carbon-free Minnesota by 2040.
- The state’s capital gains tax has been raised.
- The implementation of a new payroll tax to fund a paid family and medical leave scheme.
- Vehicle tab costs have been raised.
- Marijuana legalization for recreational use.
Read more: Millions of people will get up to $4,555 in Social Security payments tomorrow! Are you one of them?
Republicans Vs. DFL
House Democratic-Farmer-Labor Party leaders in Minnesota have endorsed Waltz’s “bold” idea.
House Speaker Melissa Hortman, DFL-Brooklyn Park, said in a statement that the governor’s two-year budget plan supports Minnesotans’ values, including a desire for strong public schools, affordable health care, and an economy that works “better” for all residents.
Republicans, on the other hand, disagree. During a news conference, strong critiques of the idea were leveled.
They were dissatisfied with how the governor planned to spend the $54 billion current budget, as well as his refusal to use the $17.6 billion surplus to completely eliminate state taxes on Social Security benefits for citizens of all income levels, according to US News.