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(KNSI) – Minnesota Governor Tim Walz Tuesday revealed his biennial budget proposal, which he is dubbing “Minnesota’s COVID-19 Recovery Budget.”
The budget math for fiscal years 2022 and 2023 will look to fill a $1.28 billion budget gap by carrying over $217 million from the current budget, dip into just over a billion dollars in the budget reserve and take $130 million from the stadium reserve.
Walz is also looking at $1.66 billion in additional revenue, which would include $230 million in tax cuts and reducing spending by $150 million for $1.3 billion in Net New Investments.
The plan emphasizes funding education and countering the economic effects of COVID-19.
Walz proposes tax hikes on the rich to balance state budget thetelegraph.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thetelegraph.com Daily Mail and Mail on Sunday newspapers.
act. president talked about a carrot and stick by keeping companies paying good wages they should get a corporate tax rate. that s what our patriot corporate tax rate dolls. the other part of this working family tax credit. child tax credit, work earned income tax credit. the president s daughter has spoken favorably about doing those things. i will go to the president and speak about those two issues. i think they are right down the middle of what he wants to do. and we do that. we have real bipartisan tax reform. and that s what the country wants. steve: well, that s great to hear. because we hear that you all up on capitol hill are all dug. in everybody has a corner nobody is willing to meet in the middle. but you re telling us that if, for instance, components of the two things you are interested in are in the president s and ultimately the senate s tax reform plan, you re a yes vote? well, i want to see it i don t know what s exactly going to be in it. those are the two major th