Protect Minnesota’s Taxpayers
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In the 2023 legislative session, Minnesota’s state government passed $10 billion of hikes to taxes and fees. In November, Minnesota Management & Budget estimated that, in 2027, General Fund spending would be 20 percent higher in inflation adjusted terms in 2027 than it was in 2022. Over the same period, as Figure 1 shows, the state’s economy is forecast to grow by 8.9 percent in inflation adjusted terms.
Minnesota’s taxpayers face an increasing share of their income being taken by the government. This is a real concern for the state. Research shows that higher taxes are associated with lower rates of economic growth. To rein in its spendthrift politicians, Minnesota should adopt a Taxpayer’s Bill of Rights (TABOR).