ST. PAUL, Minn. – The Co-Vid pandemic has created a $1.3 billion state budget deficit. What to do? Governor Tim Walz proposed raising taxes on the wealthiest Minnesotans and large companies over the next two years. The new revenue, he said, would also cover new spending of $745 million to help helping schools bounce back from the pandemic. Walz also proposed spending $50 million on a new small business forgivable loan program to help the hard-hit businesses stay open. He wants also to expand the working-family tax credit for 300,000 eligible households. Too, he budgeted a one-time payment of up to $750 to about 32,400 working poor families in the state Family Investment Program. The total Walz budget: $52.4 billion.
