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‘Unprecedented’ revenue growth forecast for Wisconsin budget – The Daily Reporter – WI Construction News & Bids – Milwaukee, Wisconsin

Milwaukee, Wisconsin 2021-06-08 12:14:10 –

By Scott Bauer
Associated Press

Madison, Wisconsin (AP) — The Wisconsin state budget is projected to increase revenue by $ 4.4 billion, “unprecedented”, above previously estimated by mid-2023. Republicans cautioned and promised tax cuts.

Republican legislative leaders said a large inflow of cash, unimaginable a year before the pandemic, would provide a once-in-a-generation opportunity to reform state tax law. Republicans previously budgeted for tax cuts. He said he wanted to include it in, but did not disclose the details.

Republican Budget Committee Chairman Howard Marklein said, “Reckless use of this new money and increasing taxpayer obligations in an unsustainable way would jeopardize future financial stability. “.

Evers called on Republicans to spend more of their surplus on education and other areas from kindergarten to high school. The current budget is less than 10% of Evers’ proposal, at the level of spending $ 1.5 billion on federal coronavirus bailouts for endangered schools.

“There is no excuse to choose not to fully invest in support for children, schools, broadband, venture capital and main street businesses. This will allow us to recover and return to a better state than before the pandemic. It is guaranteed, “Evers said in a statement.

Evers also announced that he would withdraw the previously mandated $ 300 million budget cut across the state government in the pandemic, including $ 50 million to the University of Wisconsin and the state’s college of technology.

Republican Senate leader Devin Rumeiyu said taxpayers have given the state a huge surplus and deserve to regain some of it.

“We will use this moment to look at ways to significantly reduce the tax burden on workers and boulevard businesses, repay state debt, and save taxpayers longer in the future,” Lumahieu said. Said.

Senator Dale Kooyenga, a member of the Republican Budget Committee, called for the abolition of income tax categories and categories as a whole.

“This size of surplus means it’s time to build a bipartisan proposal to reduce the tax burden on the middle class,” he said.

The more disjointed budget forecasts submitted on Tuesday are based on current tax revenue strength and “significantly improved economic forecasts for the rest of the year and the next two years,” said Bob Lang, director of the Legislative and Finance Department. I wrote a letter to the co-chair of the budget. Committee.

“The increase in general funding collections in 2021, especially in April and May, is unprecedented,” Lang wrote.

The estimate also does not include $ 2.5 billion in federal coronavirus relief sent to the state for infrastructure and other uses.

Many other states have similar budget surpluses as the pandemic subsides and the economy revitalizes.

The Wisconsin Budget Committee will complete work next week, send a two-year spending plan to a Republican-controlled parliament, and vote by the end of this month. The budget goes to Evers, who has widespread veto power. It was not immediately clear whether the huge surplus news would delay the completion of the budget from July 1st to June 30th, 2023.



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