Tax revenues continue to soar
According to the Minnesota Management and Budget, Net general fund revenues totaled $1.767 billion in July, $64 million (3.8 percent) more than forecast. Net sales tax receipts for the month…
(St. Paul, MN) – John Phelan, Economist at Center of the American Experiment, released the following statement in response to the two-year budget deal announced by Gov. Walz and legislative leaders:
“Minnesotans spoke out strong and loud against Gov. Walz’s proposed 70% gas tax increase. The gas tax may be the only reasonable tax rate Minnesota has left. Our income tax, estate tax, and corporate tax rates are sky-high compared to other states.
“Gasoline is a vital input into a wide range of economic activity, from manufacturing to services. An increase in the cost of fuel would have immediately increased the cost of every product sold on store shelves and the delivery of online purchases. It would have had a negative impact on every industry in Minnesota from farming to manufacturing.”
John Phelan is a graduate of Birkbeck College, University of London, where he earned a BSc in Economics, and of the London School of Economics where he earned an MSc. He worked in finance for ten years before becoming a professional economist. He worked at Capital Economics in London, has written for City Am in London and for the Wall Street Journal in both Europe and the U.S., and has been published in the journal Economic Affairs.
Center of the American Experiment is “Minnesota’s Think Tank.” For more than 25 years, the Center has been the most impactful and effective public policy organization in Minnesota, leading the way in creating and advocating policies that make Minnesota a freer, more prosperous and better-governed state. The Center is a civic and educational 501(c)(3) organization.