Here’s where Tim Walz stands on economic issues

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Kamala Harris’s choice of Tim Walz as her vice-presidential running mate is now official. And while the Minnesota governor is well-known in his home state, he’s not a familiar name to many Americans.

Even more of a mystery is where he stands on a number of issues, including fiscal policy. With the economy such a major factor in this year’s election, voters are likely to be curious how he might influence financial policy in a possible Harris White House.

Walz turned heads with his description of the Republican campaign as “weird,” but he hasn’t made many statements on the overall economic health of the country. His actions since taking office in Minnesota, however, could give some insight into where his thinking lies. Here’s where he stands on a number of key issues.

Tax policy

Walz faced a Republican-controlled state Senate in 2022, which shot down his proposed one-time tax rebate for citizens of that state. The next year, though, when Democrats took control, he managed to pass one of the largest child tax credits in the country and reduce taxes on Social Security income. He also finally got that one-time rebate, while increasing taxes for high-income residents and businesses. Notably, the state extended its corporate income tax to profits that companies earned from international operations, a first in the U.S.

Labor protections

As Harris weighed the pros and cons of all potential vice-presidential candidates, United Auto Workers President Shawn Fain declared Walz as one of the union’s two favorite contenders (along with Kentucky Governor Andy Beshear). Walz, himself, is a former union teacher, who joined auto workers on the picket line last year.

He also, as governor, pushed through massive changes to state labor laws in 2023, signing legislation that mandated paid sick days, did away with noncompete agreements, increased funding for workplace safety inspectors, and added protections for workers in a number of industries including Amazon warehouses, construction sites, and public schools.

Before he was picked as the VP candidate, a collection of more than 24 labor leaders in Minnesota sent a letter to Harris, urging her to pick him and calling him “an ally of working families” who can “cross lines of race and place.”

Progressive issues

Three months ago, Walz signed a bill that will overhaul the technology used to track and manage foster care cases. The legislation, say advocates, will also increase protections for families facing separation. He additionally signed a bill that will see the state pay the college expenses of former foster children. (At present, 657 students receive those grants.) “Disparities in our child welfare system have persisted for too long,” he said at the time. “This is a major step toward becoming the best state in the nation for all children.”

Walz also announced more than $100 million in state grants to organizations serving homeless people in Minnesota earlier this year. Some 135 organizations will receive financial assistance from the state.

Job creation

Walz oversaw the Local Jobs and Projects Plan in Minnesota, which dedicated $1.9 billion to support construction, infrastructure, and renovation projects, largely at state agencies and higher-education facilities. He also created the Governor’s Council on Economic Expansion, which gathered 15 business leaders from around the state to work together to improve Minnesota’s economy.

Education spending

As governor, Walz budgeted a 10% increase (an additional $2.2 billion) for funding for K-12 schools. And in addition to paying for foster children’s college costs, he oversaw the state’s free college tuition program for families earning less than $80,000 per year. That program could impact as many as 20,000 students.

Marijuana money

Walz signed a bill legalizing weed in 2023, which the state department of revenue estimates will add $131 million in tax revenues to the state coffers by the 2027 fiscal year.

“We’ve known for too long that prohibiting the use of cannabis hasn’t worked,” Walz said when signing the bill. “By legalizing adult-use cannabis, we’re expanding our economy, creating jobs, and regulating the industry to keep Minnesotans safe.”

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