Tax Cuts in Wisconsin: 8 Years of Walker gave us a surplus..

[racer254]

https://www.channel3000.com/wisconsin-republicans-propose-250-million-income-tax-cut/

MADISON, Wis. — Income taxes for the average person in Wisconsin would be cut by $105 under a Republican proposal that lawmakers plan to vote on next week and quickly send to Democratic Gov. Tony Evers.

The nearly $250 million income tax cut is the largest part of the GOP plan announced Friday. It also would reduce personal property taxes paid by businesses by nearly $45 million and cut general state debt by $100 million.

Republicans are tapping some of the state’s projected $620 million budget surplus to pay for the tax cuts.

It’s unclear whether Evers supports any of the tax cuts. Last week he proposed his plan for the projected surplus: a $250 million boost to education funding.

“This is a win-win for all of us in the state of Wisconsin,” he said at the news conference announcement.

Jason Stein, the research director at the Wisconsin Policy Forum, said the decision on which option is better for taxpayers depends on what they want to see in the state.

“Any budget, whether it’s a family’s budget or the budget of the state of Wisconsin, is really balancing a lot of priorities,” he said. “And they aren’t just priorities in the here and now, but also balancing the needs of today versus what we think the needs of tomorrow might be.”

He said putting money aside in a reserve, or rainy day, fund gives the state access to money when an emergent need arises. Historically, he said, Wisconsin has had less money in its reserve compared to other states, but it has recently gotten to a comparable level. Both Evers’ plan and the GOP plan would continue the recent trend with more money added to the fund.

With both plans offering money to pay off debt, put money in the rainy day fund and cut taxes — the Evers plan through equalization aid — some see the projected surplus as a chance to invest.

As an analyst with the Wisconsin Budget Project, a branch of Kids Forward, Tamarine Cornelius would like to see the money go to education.

“When you look back at our history of funding schools in Wisconsin,” she said, “the state is still funding public school districts at a lower level than we did a decade ago.”

Stein said it’s important to remember the surplus is projected, but the state is still only one-quarter of the way through it’s budget cycle. It’s possible an emergency could wipe it out or reduce available funds.

[Ez ryder]

shocker the new gov  already has a big chunk of the people's money spent 

[spin_dry]

Wisconsin didn’t want walker anymore. For a variety of reasons. 

[Sleepr2]

12 minutes ago, spin_dry said:

Wisconsin didn’t want walker anymore. For a variety of reasons. 

That’s why he won all those recalls 

[spin_dry]

2 minutes ago, Sleepr2 said:

That’s why he won all those recalls 

He’s gone now. 

[Ez ryder]

15 minutes ago, spin_dry said:

Wisconsin didn’t want walker anymore. For a variety of reasons. 

well you should deff send back your refund of your money they overcharged you  if they alow you to get one 

[Ez ryder]

Just now, spin_dry said:

He’s gone now. 

and it looks like your refund and tax cuts will be to . you shoukd be thrilled about that 

[spin_dry]

Just now, Ez ryder said:

well you should deff send back your refund of your money they overcharged you  if they alow you to get one 

He’s gone 

[Ez ryder]

2 minutes ago, spin_dry said:

He’s gone 

like I said along with your money you overpaid along with a tax cut . just keep paying more than you should 

[spin_dry]

16 minutes ago, Ez ryder said:

like I said along with your money you overpaid along with a tax cut . just keep paying more than you should 

I’m doing well, thank you. 

[Rod]

Public employees hate smart people 

[Jimmy Snacks]

2 hours ago, ACE said:

Public employees hate smart people 

Cops and Fireman are public employees and they loved Walker....

[Angry ginger]

5 hours ago, Jimmy Snacks said:

Cops and Fireman are public employees and they loved Walker....

cause he bought their vote by excusing the disgusting behavior of them when it comes to the pension system.

[Jimmy Snacks]

8 hours ago, Angry ginger said:

cause he bought their vote by excusing the disgusting behavior of them when it comes to the pension system.

Exactly....but he sure hammered those other public sector unions!!!!   

[Mileage Psycho]

20 hours ago, racer254 said:

https://www.channel3000.com/wisconsin-republicans-propose-250-million-income-tax-cut/

MADISON, Wis. — Income taxes for the average person in Wisconsin would be cut by $105 under a Republican proposal that lawmakers plan to vote on next week and quickly send to Democratic Gov. Tony Evers.

The nearly $250 million income tax cut is the largest part of the GOP plan announced Friday. It also would reduce personal property taxes paid by businesses by nearly $45 million and cut general state debt by $100 million.

Republicans are tapping some of the state’s projected $620 million budget surplus to pay for the tax cuts.

It’s unclear whether Evers supports any of the tax cuts. Last week he proposed his plan for the projected surplus: a $250 million boost to education funding.

“This is a win-win for all of us in the state of Wisconsin,” he said at the news conference announcement.

Jason Stein, the research director at the Wisconsin Policy Forum, said the decision on which option is better for taxpayers depends on what they want to see in the state.

“Any budget, whether it’s a family’s budget or the budget of the state of Wisconsin, is really balancing a lot of priorities,” he said. “And they aren’t just priorities in the here and now, but also balancing the needs of today versus what we think the needs of tomorrow might be.”

He said putting money aside in a reserve, or rainy day, fund gives the state access to money when an emergent need arises. Historically, he said, Wisconsin has had less money in its reserve compared to other states, but it has recently gotten to a comparable level. Both Evers’ plan and the GOP plan would continue the recent trend with more money added to the fund.

With both plans offering money to pay off debt, put money in the rainy day fund and cut taxes — the Evers plan through equalization aid — some see the projected surplus as a chance to invest.

As an analyst with the Wisconsin Budget Project, a branch of Kids Forward, Tamarine Cornelius would like to see the money go to education.

“When you look back at our history of funding schools in Wisconsin,” she said, “the state is still funding public school districts at a lower level than we did a decade ago.”

Stein said it’s important to remember the surplus is projected, but the state is still only one-quarter of the way through it’s budget cycle. It’s possible an emergency could wipe it out or reduce available funds.

Walker had nothing to do with the surplus

Quote

 

State Revenue Department Secretary Peter Barca, in a memo describing the budget surplus, said the nearly 64% increase in corporate taxes and nearly 6% increase in personal taxes was largely the result of the business community's reaction to federal tax law changes that provided incentives for shifting revenue across fiscal years.

The shifting of revenue, rather than increased economic activity, is the driving force behind the additional tax collections, Barca wrote. They are not expected to occur in future years, and other states are experiencing the same blip, he said.

https://www.usnews.com/news/best-states/wisconsin/articles/2019-05-15/wisconsin-budget-gets-753-boost-in-tax-collections

 

 

[racer254]

Walker would win if he ran in a recall.  Dems wouldn't be able to bring in out of state voters like they did for the last election.

43 minutes ago, Mileage Psycho said:

Walker had nothing to do with the surplus

 

Believe what you will, but everyone in the state of Wisconsin knows he is the main reason we have a surplus.  Just like the previous year.  And now that POS dem Evers wants to spend it.

Wisconsin ended the 2017-18 fiscal year with a $588.5 million surplus, according to the state’s 2018 Comprehensive Annual Financial Report (CAFR) issued by the Wisconsin Department of Administration (DOA).

In a news release, the governor issued the following statement:

“We are leaving Wisconsin in the best financial condition in a generation. This is part of our legacy and it will continue to drive Wisconsin forward.”

Highlights of the state’s financial condition include:

• Wisconsin has ended every year with a budget surplus under Governor Walker. The state ended fiscal year 2018 with a positive balance of $588.5 million based on cash accounting.

• The state deposited $33.1 million into the state Budget Stabilization Fund. The balance is now $320.1 million. This is the largest balance in state history and 190 times larger than the balance in fiscal year 2010.

• General fund tax collections were $18.4 million above estimates. The growth was $626 million or 4 percent over last year. Individual income taxes were $99.2 million higher than estimated.

Edited February 16, 2020 by racer254

[spin_dry]

1 hour ago, Mileage Psycho said:

Walker had nothing to do with the surplus

 

So much for racer’s theory.  that’s some OWNAGE. 

[Rod]

1 hour ago, racer254 said:

Walker would win if he ran in a recall.  Dems wouldn't be able to bring in out of state voters like they did for the last election.

Believe what you will, but everyone in the state of Wisconsin knows he is the main reason we have a surplus.  Just like the previous year.  And now that POS dem Evers wants to spend it.

Wisconsin ended the 2017-18 fiscal year with a $588.5 million surplus, according to the state’s 2018 Comprehensive Annual Financial Report (CAFR) issued by the Wisconsin Department of Administration (DOA).

In a news release, the governor issued the following statement:

“We are leaving Wisconsin in the best financial condition in a generation. This is part of our legacy and it will continue to drive Wisconsin forward.”

Highlights of the state’s financial condition include:

• Wisconsin has ended every year with a budget surplus under Governor Walker. The state ended fiscal year 2018 with a positive balance of $588.5 million based on cash accounting.

• The state deposited $33.1 million into the state Budget Stabilization Fund. The balance is now $320.1 million. This is the largest balance in state history and 190 times larger than the balance in fiscal year 2010.

• General fund tax collections were $18.4 million above estimates. The growth was $626 million or 4 percent over last year. Individual income taxes were $99.2 million higher than estimated.

Fredo  

[racer254]

Wisconsin has ended every year with a budget surplus under Governor Walker. The state ended fiscal year 2018 with a positive balance of $588.5 million based on cash accounting.

• The state deposited $33.1 million into the state Budget Stabilization Fund. The balance is now $320.1 million. This is the largest balance in state history and 190 times larger than the balance in fiscal year 2010.

• General fund tax collections were $18.4 million above estimates. The growth was $626 million or 4 percent over last year. Individual income taxes were $99.2 million higher than estimated.

[racer254]

Giving back to the taxpayers:  The policies of Walker in full display.

MADISON, Wis. (AP) — An $250 million income tax proposal authored by Republicans was up for approval in the Wisconsin Senate on Wednesday, although Democratic Gov. Tony Evers has not yet said whether he would sign the measure into law.

Republicans were moving swiftly to pass the tax cut. The Assembly planned to vote on Thursday, its final planned session day of the year. That wound send the election-year proposal to Evers.

While Evers has not promised a veto, he has criticized the Legislature for cutting taxes rather than taking up his plan to bolster school funding. He also previously vetoed a similar income tax cut last year.

Republicans don’t have enough votes to override a veto without Democratic support. Democrats were expected to vote against the tax cut.

The bill would increase the standard deduction for income tax filers, resulting in an average reduction of $106 for most filers who would qualify. Married couples filing jointly would see an average cut of $145. All other filers would see an average reduction of $81. The cut would affect about 64% of all filers, or about 2 million people. The plan would also reduce taxes for manufacturers by nearly $45 million by exempting their machinery and tools from property taxes and would trim general state debt by $100 million.

Republicans would cover the lost revenue by tapping the state’s projected $620 million budget surplus.

Evers wants the surplus to be used to pay for a $250 million boost in funding for K-12 schools. His plan would include spending $130 million to reduce property taxes, but Republicans who control the Legislature have not taken up the proposal.

They argue that schools did well under the state budget approved last year, which boosted their funding $565 million. Republicans say taxpayers should benefit from the projected budget surplus and receive a tax cut.

 

https://www.wbay.com/content/news/Wisconsin-Senate-to-vote-on-250-million-tax-cut-568001561.html

[Edmo]

Short term thinking...does every penny need to be spent? How about save some of that money for a rainy day. Our next recession is probably right around the corner.

 

[racer254]

14 minutes ago, Edmo said:

Short term thinking...does every penny need to be spent? How about save some of that money for a rainy day. Our next recession is probably right around the corner.

 

Of course, they want every penny spent in all forms of government.  Just last week, I was talking with a friend and the state will give out extra $$$, if you spend at least a certain amount.  In our case, we had an extra 60k, but if we were to spend 100K fixing a road they would chip in another 15k.  There are people that just do not understand the objective of saving money.  Instead of looking at it like we are spending 40k we don't have,  they look at it like we loose 15k.  The logic is constantly flawed.

[Anler]

Walker rode the Obama economy into a surplus.

 

[racer254]

1 hour ago, Anler said:

Walker rode the Obama economy into a surplus.

 

Yes sir, just like all the other states.  The propaganda machine works on many.

https://ballotpedia.org/State_debt_pages?utm_campaign=738000847&utm_source=adwords&utm_medium=cpc&utm_content=252283941966&utm_term=state debt per capita&adgroupid=53285581358&gclid=EAIaIQobChMIlqya9vXd5wIVkIbACh0GLgOyEAAYASAAEgKQbfD_BwE

[Anler]

1 minute ago, racer254 said:

Yes sir, just like all the other states.  The propaganda machine works on many.

https://ballotpedia.org/State_debt_pages?utm_campaign=738000847&utm_source=adwords&utm_medium=cpc&utm_content=252283941966&utm_term=state debt per capita&adgroupid=53285581358&gclid=EAIaIQobChMIlqya9vXd5wIVkIbACh0GLgOyEAAYASAAEgKQbfD_BwE

Not Illinois, aint nobody fixing that.