Examining Tim Walz's Economic Strategies and Achievements in Minnesota

# Minnesota Governor Tim Walz: A Closer Look

## Introduction

Minnesota Governor Tim Walz, fondly known for his Midwestern roots, grew up in Nebraska and served as a public school teacher and football coach in Minnesota. His gubernatorial tenure and policies have prepared him for the upcoming debate with vice presidential rival Sen. JD Vance on CBS.

## Economic Views and the 2024 Presidential Race

It’s worth noting that the economy, a pivotal issue in the November election, shapes voter decisions. Current polling suggests a close 2024 presidential race. While voter sentiment on the economy shows some improvement, with more voters terming it “good,” CBS News reveals nearly 6 in 10 voters still describe it as “bad.”

## Walz’s Economic Policies

Since assuming office in 2019 and now serving his second term, Walz has focused on economic issues. He has implemented the largest state Child Tax Credit in the nation and approved free school meals for Minnesota’s K-12 students. Additionally, Walz has raised taxes on high earners to fund these social programs.

### Child Tax Credit Impact

Walz’s administration introduced a generous $1,750 per child Child Tax Credit, the highest in the U.S. This follows a broader trend among states expanding their own Child Tax Credits after the federal enhancement expired, causing child poverty rates to surge. The Tax Policy Center praises this move, highlighting its significant role in supporting Minnesota families.

### Free School Meals Initiative

Enacting free school meals for all K-12 students stands as one of Walz’s landmark policies. This move aims to ensure that all students have access to nutritious meals regardless of their economic background. For more on the impact of free school meals, visit [here](https://www.cbsnews.com/minnesota/news/new-law-making-school-meals-free-for-all-minnesota-students-goes-into-effect/).

### Taxation on High Earners

To fund these ambitious social programs, Walz increased taxes on high-income individuals. This progressive taxation ensures the wealthier segments contribute more, aiding broader state welfare policies. Carl Davis from the Institute on Taxation and Economic Policy (ITEP) acknowledged Walz’s progressive tax system, making it easier to fund social initiatives. For further insights, click [here](https://www.itep.org/).

## Lowering Social Security Taxes

Walz’s policies also aim to support retirees. The Minnesota 2023 tax bill eliminates state income taxes on Social Security benefits for couples earning under $100,000 and singles under $78,000 annually. This provides substantial relief to countless retirees.

### Table: Comparison of Social Security Income Tax Proposals

## Comparisons Between Walz and Vance

As the debate looms, Walz’s strategies for aiding families in handling the rising cost of living will be compared against Vance’s economic ideas. Vance has proposed to expand the federal Child Tax Credit to $5,000, but has faced opposition from fellow Republicans preventing a modest tax benefit increase. For Vance’s views, see [here](https://www.cbsnews.com/news/jd-vance-trump-vice-president-economy/).

## Minnesota’s Economy Under Walz

Minnesota’s impeccable economic performance boosts Walz’s credibility. Governed by Walz since 2019, the state’s gross domestic product has grown approximately 5%. Moreover, Minnesota has recuperated jobs lost during the pandemic and now enjoys low unemployment rates.

### Table: Minnesota Economic Indicators Under Walz

Minnesotans also boast a median income of $85,000 in 2023, surpassing the national average of $78,000. The state’s economic resilience has attracted significant investments, such as Mayo Clinic’s $5 billion expansion and Polar Semiconductor’s $525 million investment.

### Business Climate

Minnesota ranks highly for business, with a recent study placing it at No. 6 among U.S. states. This ranking bases on various criteria, including workforce quality and economic environment. For more details about this study, access [this link](https://www.cnbc.com/2024/07/11/americas-top-states-for-business-full-rankings.html).

## Conclusion

In sum, Walz’s economic policies and achievements provide substantial support for his role in the Harris-Walz ticket. As he debates JD Vance, the contrast between their economic visions will be vital in shaping voter opinions ahead of the November election.

*This article includes reporting by the Associated Press.*