Kamala Harris running mate Tim Walz (D-Minn.) has earned the lowest score on the newly-released 2024 Fiscal Policy Report Card on America’s Governors, compiled and published by the Cato Institute. The strictly data-driven report shows Walz not only earned an “F” grade, his overall numerical score ranks dead last — 50th place — compared to other governors. He earned a score of just 19, a full ten points below the second-worst governor, New York’s Kathy Hochul (D).
Key excerpts from the report card:
He has overseen substantial spending increases and pushed many tax hikes. Minnesota’s general fund budget increased from $51.9 billion in the 2022–2023 biennium to $70.5 billion in the 2024–2025 biennium, a 36 percent increase.
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Walz hit the middle class with HF 2887, which raised taxes and fees on vehicles and transportation. The increases included indexing the gas tax for inflation, increasing vehicle registration taxes, raising fees on deliveries, and raising sales taxes in the Twin Cities area.
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The governor hit the middle class again in 2023 with a massive tax hike to pay for a new mandatory paid family leave program. The legislation imposed a 0.7 percent tax on wages beginning in 2026 to fund the program benefits, but then new legislation in 2024 increased the tax rate to 0.88 percent of wages. An accounting analysis of the plan found that the tax will raise $1.2 billion in the first year of operation and rising amounts after that.
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Minnesota’s high tax rates are undermining the economy and driving away wealthy people, who include highly skilled job-creating entrepreneurs. IRS data show that the state loses about 10 households earning more than $200,000 for every 6 that it gains.
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Cold northern states such as Minnesota that are suffering from out-migration need to adopt taxpayer-friendly policies to stem the population outflow. Minnesota ranks 44th on the Tax Foundation’s state business tax climate index. That state will likely continue losing business investment and high earners to warmer and lower-tax states until it adopts a leaner government and reduced tax rates.
The report card was authored by Chris Edwards, the Kilts Family Chair in Fiscal Studies at the Cato Institute.
Stay tuned to ATR’s Kamalanomics.org for updates.
See also:
Tim Walz Raised Taxes by Billions While Spending $18 Billion Surplus in Single Budget
Tim Walz Voted to Impose Cap-and-Trade, a $1 Trillion Tax Increase
Tim Walz Doubled Boat Registration Fees Despite Huge Surplus
The post Tax-Hiking Tim Walz Earns an “F” on Fiscal Policy Report Card on America’s Governors appeared first on Americans for Tax Reform.
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Author: Francisco Ferrisi
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