Revenue Re-estimates Support Tax Relief
Collections remain strong, surplus over $3 billion
Today, the Legislative Fiscal Bureau (LFB) released new revenue estimates. The numbers reflect strong growth despite collections being slightly lower than expected. In response to the updated estimates, Joint Committee on Finance (JFC) Co-Chairs Senator Howard Marklein (R-Spring Green) and Representative Mark Born (R-Beaver Dam) made the following statement:
“These estimates are consistent with what we expected when we crafted our budget. We created a responsible budget that protects taxpayer resources, while making important investments in our state. A decade of sound fiscal policies have contributed to the continued growth of our state’s economy and state government’s bottom line.
“The revenue estimates also show the importance of returning our state’s enormous surplus to the taxpayers of our state. With over $3 billion in the bank and $1.8 billion in the state’s rainy day fund, it is critical for us to return a portion of these funds to the people of Wisconsin.
“Earlier this week, Republicans introduced a plan to send over $2 billion to the people of Wisconsin through targeted relief to middle income earners, families, and retirees. Our plan builds on the decade-long practice of returning money to hardworking taxpayers, which has resulted in over $22 billion of savings for Wisconsin individuals, families and businesses. Our budget funded our priorities and met our obligations. Now we must return the excess to taxpayers. These updated revenue estimates show we have the money to do it.”
NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. It has not been verified for its accuracy or completeness.
