Despite record taxing, the state will still not have enough to cover it’s projected spending. It’s the spending, stupid.
Wisconsin had the highest budget reserves in 40 years this June largely due to a spike in corporate tax revenues, according to a report from the nonpartisan Wisconsin Policy Forum. However, the report says the state’s reserves are still slightly below the national average and the current state budget will spend $800 million more than the state is projected to take in by 2021.
The analysis looked at Wisconsin’s Annual Fiscal Report that provides data on state taxes, spending and reserves. It shows the state had $1.7 billion in budget reserves after taking in more than $17 billion in tax revenues during the prior fiscal year, which ended June 30. That was a year-over-year increase of 7.4 percent and the largest annual percentage increase since 2000, according to the report.
Jason Stein, a researcher for Wisconsin Policy Forum, said the overall increase in the state’s tax revenues was driven largely by a spike in the amount of Wisconsin corporate tax revenues. He said the state collected more than $442 million in corporate taxes.
“Corporate taxes, especially, rose almost 50 percent,” said Stein. “So, that was the most they have risen, the fastest rate since 1964. So, that’s really an exceptional change. And it was due to a couple things and one of them was due to that federal tax law.”
Yah, the old Vos/Fitzie trick: pretend to be conservative, spend like drunken Democrats, raise taxes.
And now Fitzie is sending begging letters so he can get to Congress and add 6 zeros to his over-spending.
Which party did you vote for, Dad29?
I also question the amount of spending increases in Wisconsin. Given that the amount going to K-12 education is substantially less than what Governor Walker implemented, i’d like to know where this spending is going?
More roads to nowhere? Hundreds of millions more for medical assistance despite Governor Walker achieving a 2.9% unemployment rate and the #1 labor participation rate in the country?
Owen, i don’t feel its fair to say taxes are up. To my knowledge, the GOP removed every Evers increase. Governor Walker broadened the tax base through growth (more revenue) but that wasn’t a tax increase for citizens. We simply have more people working that Governor Doyle who had 10% of the state at the dole.
I’d like to see some hard data on Fox Conn. How many Fox Conn employees are paying taxes now, abd what has the state given Fox Conn (zero i believe so far). Would be a win at the state level even if local governments have shoveled out millions.
Set state budget increases at CPI and be done with it. Maybe give each agency CPI, so the bloated road builders and medical
Assistance don’t bankrupt us