Tuesday, October 18, 2016

FY2016 not a good year for School Aids and UW System in Wisconsin state budget

Funding for 2 of the state's top 10 programs was reduced by $205,700,000.

SourceFY16 Annual Fiscal Report State of Wisconsin, page 9 (highlights added)

On the other hand, corporations paid $41,900,000 less in taxes in FY2016 than they did in FY2015.

 SourceFY16 Annual Fiscal Report State of Wisconsin, page 6 (red arrow added)

As the Wisconsin Budget Project points out at Revenue Sources for the  Wisconsin Budget:
Corporate franchise and income tax is a relatively small source of GPR dollars. For a long time, many corporations paid little or no tax in Wisconsin due to a variety of loopholes. Some of those loopholes have been closed recently, but recently the state legislature has created new loopholes that will ensure that some corporations will eventually pay next to nothing in corporate income tax.

Related reading:
Wisconsin ends fiscal year slightly tighter than expected.  (Milwaukee Journal Sentinel, 10/17/2016)

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