GOVERNOR, LT. GOVERNOR UNVEIL BUDGET PROPOSAL
Governor Walz and Lieutenant Governor Peggy Flanagan unveiled their 2025 biennial budget Thursday calling for a reduction in spending and the first sales tax cut in state history. The proposal also calls for closing tax loopholes for services offered by wealth managers and lawyers, combats fraud and sets Minnesota up for success for years to come by curbing spending growth. The Governor and Lieutenant Governor propose cutting the statewide sales tax by .075%. The budget includes budget cuts and curbs unsustainable growth in spending in the programs that drive the structural deficit among many other items. If passed, the budget would leave $2.1-billion on the bottom line in fiscal year 2026 – 2027 and $355 million in fiscal year 2028 and 2029. You can find out more about the budget on the Minnesota Management and Budget website.