MacIver News Service | March 28, 2013
Wisconsin's economy is growing and its residents and businesses are making more money, according to a report released by the Wisconsin Department of Revenue on Wednesday.
DOR has collected five percent more in tax revenue this fiscal year compared to this time last fiscal year. That comes out to $8.25 billion this year compared to $7.86 billion last year. This was done without raising tax rates.
"What's the best way to generate money for your state? It's not raising taxes. It's getting out of the way, let the economy take off, and you're going to produce so much more money just by letting the economy go," Representative Joe Sanfelippo (R-West Allis) told the MacIver News Service.
Personal incomes are outpacing business growth, according to the numbers. Individual income tax revenue increased at the greatest rate from $4.30 billion to $4.62 billion, which is an increase of almost eight percent.
Wisconsinites aren't only making more money, they're also spending it. Sales tax revenues were up by 2.3 percent in the year over year comparison as well.
When comparing collections for the month of February in FY 2012 and FY 2013, there is also an increase. The individual income revenue increased by 183.3 percent. This dramatic increase is explained by the delay in Wisconsin's tax processing. The IRS did not accept 2012 tax returns until January 30th this year, which caused the setback for the Badger State.
The full press release from DOR can be seen by clicking here.