Tim Walz, the governor of Minnesota and now the Democratic Party’s nominee for vice president in the 2024 election alongside presidential nominee Kamala Harris, has enacted several policies that have impacted Minnesotans and their money.
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GOBankingRates spoke with Megan C., a 68-year-old retiree from Minneapolis who is a self-proclaimed independent voter. She shared how five of these policies affected her life and the lives of those around her.
Also see how Walz might help impact the economy, if he and Harris are elected.
Social Security Tax Relief
Walz advocated for including Social Security tax relief in a recent tax package. This move provided tax cuts for older adults receiving Social Security in Minnesota.
“My tax lady says the tax relief on Social Security will make a difference,” Megan shared. “It means I have a bit more money in my pocket each month, which helps with all the additional healthcare costs associated with my recent spinal surgery.”
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Property Tax Deferral for Seniors
Walz supported an initiative called the Senior Citizens’ Property Tax Deferral Program. This allows seniors with household incomes of less than $96,000 to defer a portion of their property taxes. Megan qualifies.
“I make way less than the $96,000 you need to qualify, so I’ll take it,” Megan said. “It’s not a huge thing, but every little bit helps.”
Healthcare Cost Reduction
Although Megan didn’t realize it at first, Walz is the person who signed legislation lowering insulin costs for low-income patients and supported policies to limit prescription drug prices. This has had an impact on many retirees Megan knows.
“My friend with diabetes says her insulin costs have gone down,” Megan shared. “And I’ve noticed two of my own medications are slightly more affordable now. Again, it’s not a huge thing, but it adds up.”
Child Tax Credit
Walz introduced a child tax credit that gives families up to $1,750 per child. While Megan doesn’t directly benefit from this, it has helped her adult children.
“My daughter’s family gets extra money for their kids now,” Megan said. “It’s been a really nice boost because she doesn’t have to ask me for financial help as often, which is good for my retirement savings. Maybe I’ll make it to Bermuda yet!”
Universal School Meals
Walz made school meals free for all students. This has helped many families Megan knows – including her own.
“My friend who’s raising her grandkids is saving about $100 a month on food now,” Megan shared. “If you’ve ever lived on a fixed income, you know $100 is not nothing.”
Megan stresses that although none of Walz’s policies have put big bucks in her pocket, they all add up to a little more money that makes life more livable.
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: I’m a Minnesota Retiree: 5 Policies Gov. Tim Walz Enacted and How They Impacted My Retirement
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