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Yes.

The state Department of Revenue estimated in August that Wisconsin will have a $5 billion surplus by July 2023, the start of a new fiscal year.

In October, the Wisconsin Department of Administration reported that the state had ended the 2022 fiscal year with a balance of $4.3 billion. Wisconsin’s “rainy day” fund sat at $1.73 billion —the largest balances in state history.

Democratic Gov. Tony Evers and the Republican-controlled state Legislature are debating how to use the surplus in the next two-year budget.

Evers’ plan includes a 10% income tax cut for households earning $150,000 or less, capping co-pays for insulin and putting $2 billion toward public education.

Senate Majority Leader Devin LeMahieu said Republicans want to expand school choice and extend tax cuts to include wealthier Wisconsinites. Republican Assembly Speaker Robin Vos told Fox6, “We should return as much as we can back to the taxpayers.”

Sources

State of Wisconsin: Press Release: Gov. Evers Celebrates Highest State Surplus, Rainy Day Fund Balance in State History, Renews Call to Use Historic Surplus to Cut Taxes, Address Rising Costs for Wisconsin Families

Milwaukee Journal Sentinel: Wisconsin poised for a record budget surplus. That could mean good news ahead for tax cuts, school funding and more

Wisconsin Public Radio: Wisconsin has record $4.3B budget surplus

State of Wisconsin: Press Release: Gov. Evers Celebrates Highest State Surplus, Rainy Day Fund Balance in State History, Renews Call to Use Historic Surplus to Cut Taxes, Address Rising Costs for Wisconsin Families

FOX6 News Milwaukee | Wisconsin & Local Milwaukee News WITI: Wisconsin budget surplus: Republicans, Evers face renewed talks

WisPolitics: Evers skeptical of GOP calls to cut top tax rates, move to universal school choice

State of Wisconsin: Press Release: Wisconsin Ends Fiscal Year 2022 with Record $4.3 Billion Positive Balance

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Hope Karnopp joined Wisconsin Watch as a reporting intern in May 2022. She is a journalism major and is pursuing certificates in public policy and environmental studies at UW-Madison. Hope previously covered state politics as an intern for the Milwaukee Journal Sentinel. She also works with the Daily Cardinal and hosts a radio segment about campus news for WORT-FM, which has been recognized by the Milwaukee Press Club.