Republican budget turns $700 million surplus into $300 million structural deficit
Massive tax cuts for the wealthy take priority over public schools
Madison—The two-year state budget adopted by the Republican-controlled Joint Finance Committee in the wee hours of the morning last week would leave a $296 million structural deficit heading into the 2015-17 budget, according to a new analysis released today by the nonpartisan Legislative Fiscal Bureau. Rep. Jon Richards (D-Milwaukee), a member of the finance committee, released the following statement in response to the fiscal bureau report.
“The Joint Finance Committee had an opportunity to invest a good portion of a $700 million surplus into providing public schools $275 more per pupil—an increase that would restore about half the historic cut public schools took in the last budget. Republicans rejected that choice and instead doubled down on the failed trickle down policies of the past by spending the surplus on a $685 million tax cut targeted to the wealthy. Only in Republican fantasyland is it a good idea to turn a $700 million surplus into a $300 million deficit by blowing it on tax cuts for the rich. Here’s to hoping clearer, more moderate minds prevail when the full legislature amends and votes on the budget in the coming weeks. ”
A copy of the fiscal bureau report is attached.
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