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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
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
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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