The saga of Wisconsin’s budget surplus has taken a surprising turn… downward, that is. Last year’s mammoth mountain of money is now lower than expected.
What happened to the massive surplus of tax dollars?!?!?
Here’s Five Fast Facts on Wisconsin's surplus:
- 💰Less Billions - We’re now expected to have a $3.25B surplus by the end of the budget cycle. You don’t have to be a math wiz to know that’s considerably less than the $7B projected last summer.
- 📉 Miscalculated - Basically the state has collected less tax revenue than expected. We’re talking $422M less from both people and corporations.
- 💸 Spending Spree - They’re also spending more than budgeted on things like the $432M for building projects on the UW campus.
- ✂️ Tax Cut Redux Redux - State Republicans are using these numbers to push for yet another proposed tax cut. This time it’s in the neighborhood of $2.1B during this budget cycle AND another $1.4B every year after that. Given the legislature and the Governor won’t compromise on anything, it probably won’t happen, just like the others.
- 👶 The Usual Usual - As for Gov. Evers, he wants to use the surplus to fund programs for child care, Medicaid coverage, and education. So pretty much the same for him, too.
🔥Bottom line: At this point, the surplus battle in Wisconsin feels like being out to dinner with that couple who can’t stop fighting about everything. It’s tiring, it’s uncomfortable, and you don’t want to deal with them any more but can’t move to another table so you’re stuck.
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