MADISON, WI (WSAU) - The Legislative Fiscal Bureau released updated Wisconsin tax revenue projections Thursday, and it shows the state will have an even larger surplus than predicted. The Bureau anticipates a $419.7 million dollar surplus over the 2013 through 2015 state budget period.
Governor Scott Walker was pleased with the improved numbers, and released this statement: “The projected $419 million surplus is good news for Wisconsin taxpayers. Unlike two years ago when we faced a $3.6 billion deficit, Wisconsin is better off. Together, we tackled monumental challenges and enacted long-term structural reforms and, because of our tough decisions, we are moving our state forward.
This projected surplus will allow hardworking Wisconsin taxpayers to keep more of the money they earn because I plan to move forward with an income tax cut targeting the middle class.
The budget I will introduce next month will make use of this surplus by focusing on helping the private sector create jobs, transforming education, developing the workforce, reforming government, and investing in infrastructure."
Walker had announced during the State of the State address that he wants to propose a budget with income tax cuts aimed primarily at the middle class. He says the new financial report will make that tax cut much more possible...
The new state budget proposal will be introduced to the Legislature February 20th.