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Wisconsin tax collections down 0.4%; budget deficit likely

A "stack" of bills with a $100 on the outside, and a bunch of other $20 bills on the inside. Notice the different colored bills. By Psychonaught (Own work) [Public domain], via Wikimedia Commons
A "stack" of bills with a $100 on the outside, and a bunch of other $20 bills on the inside. Notice the different colored bills. By Psychonaught (Own work) [Public domain], via Wikimedia Commons

MADISON, WI (WTAQ) - Don't be surprised to hear if the first year of the new state budget ends in a slight deficit.

The Revenue Department said Monday that tax collections for the first 11 months of the current fiscal year were down by 0.4 percent from the previous year.

That fiscal year ends Monday, and the budget reflected a one percent growth in tax collections -- not to the decline that was registered with a month remaining.

The state brought in almost $11.5 billion in total tax revenues from last year.

Republican Governor Scott Walker recently said he was not overly concerned, and he predicted that the latest tax cuts approved this spring would end up stimulating the economy.

A spokesman for Democratic gubernatorial hopeful Mary Burke called the tax breaks an election-year spending spree based on what the Burke camp calls "rosy assumptions."

(Story courtesy of Wheeler News Service)

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