Wisconsin Republicans Say Lower Revenue Estimates Shouldn’t Derail Tax Cut
Wisconsin’s budget-makers are expecting less money over the next year but say that shouldn’t stop the state from giving taxpayers some of their money back.
The Legislative Fiscal Bureau released an updated revenue forecast for the state budget that will end in June 2025.
“Based upon our analysis, we project the closing, net general fund balance at the end of this biennium (June 30, 2025) to be $3,152.0 million. This is $439.1 million below the net balance that was projected at the time of enactment of the 2023-25 biennial budget,” the report stated.
Most of that decrease, some $422 million, comes from an expected drop in tax collections.
Sen. Howard Marklein, R-Spring Green, and Rep. Mark Born, R-Beaver Dam, the head of the budget-writing Joint Finance Committee said even with the lower estimate, a $3.1 billion surplus is plenty of money to pay for a tax cut for Wisconsinites.
“Earlier this week, Republicans introduced a plan to send over $2 billion to the people of Wiscons...