ST. PAUL, MN – Governor Mark Dayton today released a budget proposal focused on improving the lives of Minnesotans through major investments in education, new initiatives for a stronger economy, and a fair tax system.
“If the investments in my budget proposal are made, they will yield returns in new jobs, private investments, vibrant communities and additional state and local tax revenues; and they will help keep our economy moving forward,” said Governor Dayton. “They represent my best judgment about what Minnesota needs to grow our economy, expand our middle class, improve our quality of life and take care of those most in need.”
Governor Dayton’s budget delivers on his promise to increase funding for education every year he is governor: no excuses, no exceptions. The governor’s budget provides quality early education for 11,000 young children, optional All-Day Kindergarten for 46,000 kids, and increases K-12 funding by $52 per student. His budget also delivers a significant increase in direct student aid for higher education and makes needed investments in the MnSCU system and the University of Minnesota to train our workforce for the jobs of the future.
Minnesotans need a strong economy we can depend on for good jobs, living wages, and strong middle class. That is why Governor Dayton’s budget invests in proven economic development initiatives that will create thousands of jobs. The governor’s budget cuts business property taxes and eliminates unfair corporate tax loopholes enjoyed by some businesses to pay for the largest corporate tax rate cut in 26 years for all Minnesota businesses.
Governor Dayton’s budget delivers on his pledge to reform our state’s outdated tax system, making it fairer for all Minnesotans. The governor’s budget delivers $1.4 billion in direct property tax relief through a $500 rebate for Minnesota homeowners. It asks the wealthiest 2% of Minnesotans to pay their fair share in income taxes, and delivers the largest reduction to the state sales tax rate in Minnesota history.
Finally, the governor’s budget delivers on his commitment to a Better Government for a Better Minnesota – ensuring Minnesotans get better public services for a better price. His budget includes $5.1 billion in cost savings and reductions over 4 years through reform and responsible fiscal management.
As a whole, the governor’s budget proposal offers what Minnesotans want and deserve from their government: honest accounting, responsible management and wise investments in the things that make Minnesota great. His budget puts an end to the fiscal gimmicks, payment delays, and other financial manipulations that have been used to balance the budget over the last ten years. Instead, it closes the $1.1 billion budget deficit squarely and honestly, and makes investments that will improve the lives and future of all Minnesotans.