The case for income tax cuts: revenues continue to exceed February forecast
According to the Minnesota Management and Budget (MMB)
Net general fund revenues totaled $1.931 billion in August, $69 million (3.7 percent) more than forecast in February. Net individual income, corporate, and other tax revenues exceeded the forecast, and sales tax revenues were lower than expected. For fiscal year 2023, year-to-date receipts are now $3.698 billion, $133 million (3.7 percent) more than forecast.
Certainly, the economy remains uncertain. But tax revenues for the 2022 fiscal year are already nearly $3 billion more than was forecast in February.
Minnesotans need tax cuts, and these strong tax revenues do provide a lot of room for the legislature to act without compromising essential government services.