Tim Walz’s Economic Policies – Know About what he’s done in Minnesota?

Gov. Tim Walz of Minnesota is best known for his Midwesterner heritage. However, during his debate on a news channel with vice presidential opponent Sen. JD Vance, voters will have the opportunity to learn more about Walz’s positions on taxation and the economy, which will be crucial issues in the November election.

Support for the Democratic ticket of Vice President Kamala Harris and Walz has increased as a result of surveys showing a close 2024 presidential contest and a growing percentage of respondents describing the economy as excellent.

As the governor of Minnesota, a position he has held since 2019 and is currently spending his second term in, Walz’s approach to economic concerns is already evident in his actions. His policies have included boosting taxes on wealthy earnings in the state to help fund these and other social programs, as well as implementing the largest state CTC in the country and free school lunches for K–12 children in the state.

What are Tim Walz’s economic policies?

Vice President Kamala Harris has commended Governor Tim Walz (D-Minn) for his contributions to health care improvement since she selected him as her running mate. She has highlighted Walz’s support for the Affordable Care Act (ACA), which gave millions of Americans access to health insurance, and his continued dedication to bolstering it.

One Harris also cited Walz’s initiatives as the governor of Minnesota to guarantee paid time off for employees and guarantee that no student in public schools goes without food by offering free school meals.

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Walz’s track record with taxes

Carl Davis, research director of ITEP, observed that Walz “has added to the progressivity of Minnesota’s tax code.” “Having a system like Minnesota’s, where you ask more of folks at the top, that type of progressive system makes it a whole lot easier to pay for spending on side initiatives like free school lunch.” A more generous federal Child Tax Credit and proposals to raise taxes on corporations and high incomes are just a couple of the policies that the Harris-Walz ticket has so far unveiled. Walz also signed legislation related to social programs and taxes into Minnesota.

Minnesota’s CTC

After the pandemic, when the federal government increased the national child Tax Credit to as high as $3,600 per child, several states passed legislation expanding the CTC. The increased CTC was supposed to assist bring child poverty down to all-time lows, but once it ended in 2022, the rates of child poverty rose. As ITEP’s Davis pointed out, this led a few states, like Minnesota, to consider passing their own CTCs. A tax-focused think organization called the Tax Policy Center claims that Minnesota’s $1,750 per child CTC is the most generous state child tax credit in the nation.

Lowering SST

Additionally, Walz has made an effort to support Minnesotans who are retired or at the opposite end of the age range. Minnesota income taxes on Social Security benefits for 75 percent of beneficiaries were removed by Walz as part of the state’s 2023 tax package. According to Minnesota law, state taxes on Social Security benefits are no longer due by single filers or couples making less than $78,000 annually. Former President Donald Trump has also promised to remove federal income tax on Social Security benefits, which are monthly government payouts. He made this promise earlier this year.

Here’s what Tim Walz has done as governor of Minnesota

When Walz was governor, he fought to address issues including abortion rights, gun control, the economy, legalizing marijuana for recreational use, giving transgender adolescents a safe haven, and more. His ability to work across party lines and progressive backing were factors that Harris took into consideration when choosing her vice presidential candidate.

Abortion

Following the Supreme Court’s 2022 ruling to overturn Roe v. Wade, Walz signed a law codifying abortion rights in January 2023. Walz issued an executive order protecting abortion providers and seekers in his state from legal repercussions in other jurisdictions. In addition, he pledged to turn down requests for the extradition of anyone charged with a crime unrelated to reproductive health care in Minnesota.

Crime

In Minnesota, violent crime decreased during Walz’s administration; yet, he has conflict to other Democrats after proposing a budget that would have increased the size of the BCA. The agency assists local departments in their complex case investigations and is the state’s version of the FBI. On the other hand, some Democrats opposed its expansion and preferred a stronger emphasis on crime prevention.

For his decision to dispatch the National Guard to confront demonstrators against police abuse, Walz also faced criticism. Simultaneously, Minnesota police requested that he remove a prosecutor from cases involving police abuse, pointing to her pledge to investigate police wrongdoing and apply restorative justice principles to the legal system.

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Guns

Being a Democrat, gun owner, hunter, and veteran of the military, Walz drew initial support from the National Rifle Association. His efforts expanding the state’s gun control legislation, however, caused that support to evaporate. Assault weapon bans have been supported by Walz, who has also signed legislation extending background checks and facilitating the removal of firearms from individuals deemed dangerous to themselves or others. Additionally, he toughened the sanctions for straw purchasers those who acquire firearms on behalf of illegal immigrants.

Social Security

Walz argued against a bill that would have eliminated state Social Security taxes, arguing that he preferred a level that would keep the wealthiest taxpayers subject to taxes. However, he did support a bill that would have removed taxes from 90% of the state’s Social Security beneficiaries.

Foreign policy

Regarding foreign policy, Walz hasn’t said much. While he did denounce Hamas following the terrorist strikes in Israel on October 7, he has also pushed for more funding to be sent to Gaza. In addition, he has stated his support for Ukraine, a sentiment that has grown more divisive given that the nation has been at war with Russia for more than two years.

Economy

Among Walz’s accomplishments in the economy is the passage of tax relief for Minnesotans while upholding the state’s balanced budget. Additionally, he has a track record of funding community college initiatives, infrastructure improvements, and the switch to renewable energy sources. Additionally, he has spoken in favor of paid medical and family leave.

Immigration

Walz has shown support for providing individuals who entered the US illegally with a route to citizenship. In response to arguments that refugees posed a threat to Minnesota culture, he also overturned an earlier position on improved screening for refugees. A law allowing undocumented immigrants to obtain Minnesota driver’s licenses was also signed by Walz.