Wisconsin sees $319M in unexpected revenue
(The Center Square) – The latest snapshot of Wisconsin’s economy is promising.
The state’s Legislative Fiscal Bureau on Thursday said tax collections are $319 million higher than their June estimate.
Personal income tax, sales tax, and corporate tax collections all beat the estimate from earlier in the summer.
The Republicans who wrote the current state budget say the numbers show just how strong Wisconsin’s fiscal reforms have been.
“The newest state tax collections show that due to the strong reforms Republicans have put into place over the past several years, sending more money back to the taxpayers in the most recent state budget was the right thing to do,” Rep. Mark Born, R-Beaver Dam, said.
“We provided significant funding for education, made investments in our roads and infrastructure, and focused on providing access to high quality, affordable health care while planning for the future and cutting taxes,” Sen. Howard Marklein, R-Spring Green, said.
Both men say the Republican budget reforms are a stark contrast to Gov. Evers’ original budget proposals that would have raised taxes and spent nearly $2 billion more.
The unexpectedly large tax collections are the latest good news for the state’s budget.
The LFB earlier this year announced a higher than expected surplus, and a rainy day fund that now tops $1.7 billion,
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