Gov. Tim Walz’s $52.4 billion budget raises taxes on wealthiest Minnesotans

Gov. Tim Walz proposed a $52.4 billion state budget Tuesday that would raise taxes on the wealthiest Minnesotans, corporations and tobacco products while trying to ease the pandemic’s burden on students, lower-income families and small business owners.

Walz said the next budget needs to address the uneven economic toll the coronavirus has exacted. He planned to raise taxes for families earning more than $1 million while offering a tax cut to about one million couples making less than $39,810.

“This is a starting point. This is a budget that reflects Minnesota’s sense that those who COVID hit the hardest we need to help,” Walz said. “It asks folks to pay their fair share.”