Gov't Getting 3% Fewer Taxes Compared To 2008

MADISON (WRN) - The state government is getting about 3 percent less in tax revenues compared to a year ago.

But the head of the Legislative Fiscal Bureau says it’s not a surprise, and the decline is about the amount projected in the new state budget. Bob Lang tells WisPolitics.Com there’s a concern about a lag in sales tax revenues. They’re down over 12 percent from last October, which is a sign that consumers are still clinging to their wallets. But Lang says there’s no need for the Legislature to consider a bill to repair the current budget – at least for now. Lang says some new taxes will take effect on January 1st, including a new income tax bracket for those making over $300,000 a year.

Also, he says the latest hike in the cigarette tax is only a couple months old – and it should bring in higher revenues in the next few months. Excise taxes for October were up 30 percent from the year before. Individual income taxes were down 21 percent for the month, reflecting the increase in unemployment. But a late payment collected this month brought the income tax revenue to about even with last year.