MN budget surplus

With the last budget surplus exceeding 17 billion dollars does any one know what the total amount added up to for the rebates sent back? I did a google search but evidently I an too impatient and did not locate this. I am guessing less than half of the 17+ billion dollars.

I then hear they raised the budget by approx. 40 percent. Was this raising of the budget just so they could spend the money from the surplus? I would imagine they can’t really send surplus money unless it is allocated in a budget but…….

Now they forecast another upcoming surplus that exceeds 2 billion dollars. Will the upcoming budget just be increased again to absorb this projected 2+ billion surplus?

I dont remember the final total sent out but it was FAR less than half. Timmy is just going on a spending spree with all his pet projects.

From what I have read, a total of $1Bil was sent out via the $260 checks. So about 6% of the total $17.1 billion.

I believe part of the agreement of receiving the federal covid money’s was states who took it couldn’t lower state taxes for a period of time. If I remember right, it was ten years? So this is what we are getting now.

It was like 888 million. 1 Billion was allocated for checks so even the surplus checks had a budget surplus.

CaptainMusky wrote:

Timmy is just going on a spending spree with all his pet projects.

As a point of order, the Governor has no ability to spend money on his own. Only the legislature can assemble and pass a budget. The governor can then only sign it or veto it.

That is why budgets and budget surpluses are so contentious. BOTH parties love to spend our money. Or to be seen “giving” it back.

Of course when there is a deficit in a few years, both parties will blame the other for squandering the surplus.

Using the word “surplus” in a country/economy as broke as this is quite comical

MNdrifter wrote:

I believe part of the agreement of receiving the federal covid money’s was states who took it couldn’t lower state taxes for a period of time. If I remember right, it was ten years? So this is what we are getting now.

They can’t use the funds to directly or indirectly to lower net tax revenue and that extends through 2024 I believe. If there is a budget surplus from other sources then the funds would not be used for that. The rebate checks themselves would not have been possible if that stipulation applied.

TillrLife wrote:

From what I have read, a total of $1Bil was sent out via the $260 checks. So about 6% of the total $17.1 billion.

WHAT freakin rebate check????????

Well the first thing they should do with any tax surplus should be to buy me a new trolling motor.

SR

Steve Root wrote:

Well the first thing they should do with any tax surplus should be to buy me a new trolling motor.

SR

Steve, you know the strategy for budgeting. Ask for more and settle for what you wanted in the first place.

I have my eye on this 50′ cruiser for $455k…I’m asking for $750k.

I might have to go after federal funds.

DFL had the trifecta this year. The only party controlling the spending (ramped up) and refund (less than Walz promised) is the DFL.

What, a so called elected official lied ? Say is isn’t so.

You want to solve the problems in this country, you need term limits at every single level of govt, 2 terms and get out. Go get a real job. And you cannot run for office while in office, you have to complete your job FIRST. Same goes for judges, 1 term and get out.

Hey, I can dream

Paulski

As long as we are dreaming lets dump those lifetime benefit packages also. IMO you shouldn’t be in politics to get rich, you should be there to serve the people.
Since we are dreaming……no adding spending “pork” onto other bills. Every dime spent must be debated on it’s own merit. Term Limits will eliminate a lot of the slaps on the back wink wink I’ll vote your way if you vote mine.

Brittman, Paulski, Dutchboy
AMEN
NO matter what you think of Walz he is a liberal at heart. The Dems control this state right now so anything goes. Until he’s gone there will be no curbing of ANY spending. With a surplus like ours there was NO REASON for tax increases anywhere, no matter how you try to justify it. They should have been looking at the “why” and fixed that. COVID- yes some of it and some of it had strings but that’s only a partial excuse.
If you file taxes- you should get a rebate. If you don’t you shouldn’t.

let’s see the last 2 year budget surplus was around $18 Billion so they simply increased the overall budget to make sure we didn’t accumulate another surplus but dang, I guess they will just have to increase the next budget cycle even more. It will be interesting to see how the tax revenues hold up during the upcoming recession. Most of my business associates are complaining how much their backlog of business has shrunk. I suppose they’ll just have to raise taxes again.

Most Minnesotans just keep taking it … believing (I suppose) that the government spends their money better than they can and that money is the solution to all problems.

Look at the suburban areas with high income per capita. It is amazing how blue it is … I suppose because many of the high-income people (especially retirees) with homes in say Edina are actually split residents of a state tax free state or effectively avoid state income tax via the buy, borrow, die strategy ?

Next Dream every single worthless ( all of them) elected official is required to be under Obama ( rammed down my throat) so called care …

and yes, when you leave office, your re-election war chest goes to bring down the trillions in debt you helped accumulate

Paulski

Paulski wrote:

What, a so called elected official lied ? Say is isn’t so.

You want to solve the problems in this country, you need term limits at every single level of govt, 2 terms and get out. Go get a real job. And you cannot run for office while in office, you have to complete your job FIRST. Same goes for judges, 1 term and get out.

Hey, I can dream

Paulski

This, plus POTUS should be one 6 year term. Currently the 1st term is all about getting elected the 2nd term.

For the those that were not happy that they did not receive a rebate check – the good news is that you will not have to pay federal taxes on this.

The bad news for those that received a rebate – they are stating that you will have to pay federal tax on this…. Hmmmm, how is this even possible. If it was a tax rebate then you would have already paid federal taxes on this income. It looks like this supposed tax rebate must have been tied to covid by Minnesota and the federal covid programs expired shortly before Minnesota passed this and the Feds want their taxes….

I heard about this on the radio yesterday. Governor Walz isn’t happy about this lol. The US Treasury and the IRS informed the state of their decision on this and he acted like he didn’t know it was coming. Apparently he was under the assumption that it would be tax exempt.

What was the amount, 240 bucks/person? And more for dependent children if I remember correctly.

Since the “rebate check” was not specific to tax payers the rebate was not really a rebate. Not being a true tax rebate it evidently was tied to covid which the state missed some window by approx. 13 days.

Walsh – a typical political response – blame your failures on to some one else.

I heard this one yesterday –
DFL’s said the free school lunch program will cost $85 million. Whoops, after further review it will actually be $170 million.

and

MN has a $2 billion surplus this year, but wait. Oh that’s already underwater.

Listen to how Walz presents that with his fancy talk. You can feel him sticking it in without any lube.

I love the this state but will be leaving shortly. It just cost’s way too much to live here.

So are they going to send us a W2 or a 1099 for the income? Somehow I believe they feel like it should be a W2 since it feels like they believe we are an employee of theirs. Somehow they seem to forget that it is supposed to be the other way around. I thought the idea was they worked for us, the people. Talk about double taxation at its finest. If I’m correct, I believe that was one of the reasons for the revolution and why this once great country was formed.

State tax refunds have always been subject to federal tax. Walz and the legislature failed to get an exemption for the rebate. In other words the feds see the checks as a tax refund rather than a state funded “rebate”.

-J.

Yeah, Kessler was on with Barreiro last night and said it was $260/person for those who qualified. For a family of 5 that received $1300 they will owe the Feds $280.

gimruis wrote:

I heard about this on the radio yesterday. Governor Walz isn’t happy about this lol. The US Treasury and the IRS informed the state of their decision on this and he acted like he didn’t know it was coming. Apparently he was under the assumption that it would be tax exempt.

What was the amount, 240 bucks/person? And more for dependent children if I remember correctly.

There was nothing “per person.” The hand-selected few got something (allegedly). I received $0.00 despite being a working class person with a wife and 2 young kids.

I’m with EPG. Living here is too expensive.

A cousin of mine and his wife just moved to Nicaragua. He’s literally on the ocean with a postcard looking view and said he paid less than $200k for it. I asked him about taxes and all he told me was “as far as the people here are concerned, I have nothing and am earning nothing.”

fishthumper wrote:

So are they going to send us a W2 or a 1099 for the income?

The Minnesota Department of Revenue says it will send out 1099-MISC forms to everyone who received the rebate.

-J.

A cousin of mine and his wife just moved to Nicaragua. He’s literally on the ocean with a postcard looking view and said he paid less than $200k for it. I asked him about taxes and all he told me was “as far as the people here are concerned, I have nothing and am earning nothing.”
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So it’s cheap to live in a very violent high crime area ? Who would have guessed

buckybadger wrote:

There was nothing “per person.” The hand-selected few got something (allegedly). I received $0.00 despite being a working class person with a wife and 2 young kids.

Ya that’s what I meant. If you qualified based on the criteria.

I also did not qualify, so I will not be paying federal taxes on it either.