Two years after enjoying a record-setting projected surplus of $17.5 billion in 2023 and staring a multi-billion budget deficit in the face, Gov. Tim Walz and Lt. Gov. Peggy Flanagan last Thursday presented their 2025 biennial budget, which includes the first sales tax cut in state history and closes tax loopholes for services offered by wealth managers and lawyers.
“This budget is responsible, measured, and honest, and it starts with one goal: fiscal responsibility,” Walz said in a news release last week. “Our plan sets Minnesota up for success in the future by addressing long-term budget challenges and protecting the investments we made to improve lives, including universal meals, paid family and medical leave, and tax cuts for seniors and middle-class families.”