As Minnesota Gov. Tim Walz finds himself in the national spotlight as Kamala Harris’ running mate in the 2024 presidential election, his economic policies are under intense scrutiny.
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GOBankingRates spoke with financial experts to get their thoughts on Walz’s financial policies as governor and what he might bring to the role of vice president.
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Walz’s financial policy as governor
Anthony Termini, an investment advisor and expert for Annuity.org, highlighted five key financial policies Walz implemented during his tenure as governor:
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reduce taxes in each of its budgets
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offer discounts to seniors, working families with children and students
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elimination of state income taxes on social security benefits
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lower small business income tax rates
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legalization of marijuana
These policies were aimed at providing relief to diverse segments of Minnesota’s population, from young professionals and working families to seniors and small business owners.
Budget surpluses under Walz
Termini also highlighted Walz’s record of creating budget surpluses.
In 2022-23, the governor created a budget surplus of $820 million, followed by a surplus of nearly $3.7 billion in 2024-25 and an estimated surplus of $2.2 billion for 2026-27. Walz has also cut taxes for working-class Minnesotans in each of his budgets, while providing tax credits to seniors, working families with children, and students.
These surpluses suggest fiscal responsibility while providing tax breaks and credits to various groups.
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Potential position as Vice President
Regarding Walz’s potential influence if elected, Termini said: “The vice president’s only constitutional authority is to break ties in the Senate. Therefore, his only influence on economic policy will be limited to how the chamber votes on President Harris’ policy goals.”
However, Termini suggested that Walz could have some influence when it comes to shaping policy because he will have the president’s ear.
Considerations on energy policy
Matt Willer, partner and managing director of financial markets at Phoenix Capital Group, offered his thoughts on potential energy policies of a Harris-Walz administration.
With their history of supporting climate and energy policies, Harris and Walz must tread carefully to ensure they also consider the commercial reality of today’s energy landscape and the delicate balance between environmental goals and economic realities.
As Willer put it, “$9 a gallon of gasoline is unpopular with voters across the political spectrum, and demand for oil and gas is extremely high and rising due to population growth, AI, machine learning, slower-than-expected green energy growth, and lack of widespread adoption of electric vehicles.”
He also warned of the potential economic consequences of abrupt policy changes, advocating for a measured, long-term approach to energy policy. He said it would be better for Walz and Harris to work with policymakers and the private sector to develop a multi-decade transition plan based on facts, data and achievable goals and milestones.
The takeaway
As Tim Walz transitions from governor to vice presidential candidate, his economic policies in Minnesota offer a glimpse of what he could bring to a potential Harris administration. His record of tax cuts, budget surpluses and support for working families and seniors could inform national policy discussions.
However, as Willer points out, the complex realities of national energy policy may require a careful and balanced approach that considers both environmental objectives and economic impacts.
The coming months will likely see Walz’s policies come under increased scrutiny as voters consider the potential economic direction of a Harris-Walz administration. As always, translating state-level successes into national policies remains a key issue in American politics.
Editor’s Note on Election Coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and provide balanced reporting on politically-oriented financial topics. For more on this topic, please see 4 Economic Policies from Trump’s Vice President Pick J.D. Vance That Could Help the Upper Class.
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This article was originally published on GOBankingRates.com: 5 Financial Policies Walz Implemented While in Office — and What He Could Do as Vice President
