Wisconsin Assembly Republicans Roll Out Nearly $3 Billion Tax Cut Plan

In the wake of Governor Tony Evers’ gutting of a historic tax cut proposal earlier this summer, Republicans are pushing another plan they said would deliver nearly $3 billion in tax relief for retirees and the middle class.

Conservative lawmakers said the plan to tap into the state’s projected $4 billion budget surplus is a “second chance” for the liberal governor to “do the right thing” and return overpaid tax dollars back to Wisconsin’s taxpayers.

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Report: Wisconsin Tax Collections Projections Come in Lower Than Expected

Wisconsin state tax collections over the next three years are projected to come in more than three-quarters of a billion dollars lower than expected, according to a new report from the Legislative Fiscal Bureau. 

Republican lawmakers say the revised projections further underscore their efforts to remake a more fiscally responsible biennial budget out of Democrat Governor Tony Evers’ big-spending proposal. 

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Proposal Uses Pennsylvania Rainy Day Fund To Pay Down Unfunded Pension Liability

A Pennsylvania lawmaker wants to use the state’s Rainy Day Fund to pay down the state’s unfunded pension liabilities that total more than $60 billion.

State Representative Joe Ciresi (D-Royersford) is asking colleagues to cosponsor a bill to move $670 million from the fund to the Public School Employees’ Retirement System (PSERS) and $330 million to the State Employees’ Retirement System (SERS). A memorandum describing his legislation avers it could save local real-estate taxpayers $2.1 billion over the next 20 years. 

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New Report Highlights Benefits of a Wisconsin Flat Tax

As the Wisconsin Legislature considers sweeping tax cuts, a new report finds a flat tax would yield substantial benefits for all. 

The report, published by the Badger Institute, notes single-rate reform to Wisconsin’s costly progressive tax system would spur faster economic growth, creating more jobs and more investment — all while lowering the burden on Badger State taxpayers. 

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Tennessee Commission Reports at Least $62.9 Billion of Public Infrastructure Improvement Needs

The Tennessee Advisory Commission on Intergovernmental Relations (TACIR) announced last week the release of its 21st annual report on the public infrastructure needs across the state during the five-year period of July 2021 to June 2026.

The latest report, “Building Tennessee’s Tomorrow: Anticipating the State’s Infrastructure Needs,” indicates there is $1.2 billion or 2 percent increase over the year before. And while the costs have increased for the seven straight reporting period, they decreased when adjusted for inflation and population.

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Gov. Tony Evers Signals Big Spending Plans for Wisconsin in State of the State Address

In his fifth State of the State address Tuesday evening, Gov. Tony Evers began laying out how he plans to use Wisconsin’s $6.6 billion surplus, pitching a spending bender of big government initiatives already with a price tag to date of around $1.3 billion. But there’s more to come. Evers is still constructing his biennial budget plan, set for release in a few weeks. 

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Tennessee’s December Revenues $217 Million More than Budgeted

Tennessee revenues for December were $217.2 million more than budgeted and represented growth of nearly five percent over December 2021, according to Friday’s announcement by the state’s Commissioner of Finance and Administration Jim Bryson.

December is the fifth month, on an accrual basis, of the 2022-2023 fiscal year, and the year-to-date revenues are $959.9 billion in excess of what was budgeted and $655 million over the same time last fiscal year.

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Florida Finishing 2022 with Record $22 Billion Surplus

The state of Florida is reporting a $21.8 billion surplus in 2022, the highest in state history. The state also decreased its debt by $1.3 billion this year, according to a newly published State Debt Report from the State of Florida Division of Bond Finance.

According to the report, Florida decreased its debt by $1.3 billion, increased its revenues by 17% ($8.5 billion), and maintained its AAA bond rating primarily because of its strong growing economy.

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Virginia Will Enter Next Session with Money Surplus

Virginia lawmakers will enter their next regular session in January as the state continues to record budget surpluses.

The commonwealth finished the last fiscal year with a surplus of nearly $2 billion and the state revenue collections continue to exceed expectations. Some economists are warning against using the excess money to increase spending during the legislative session.

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Tennessee Revenues for March $348.8 Million More than Budgeted, Annual Surplus Hits $2.5 Billion

Tennessee tax revenues for the month of March exceeded budgeted estimates by $348.8 million, putting the fiscal year surplus at $2.5 billion, reported Department of Finance and Administration Commissioner Butch Eley in a statement Thursday.

March tax revenues totaling $1.6 billion were $286.8 million or 22.78 percent higher than the state received in March 2021.

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Tennessee Revenues for February $212 Million More Than Budgeted

Tennessee tax revenues for February of $1.2 billion exceeded the budgeted estimate of $1.03 billion by $212 million or 20.6 percent, Commissioner of the Department Finance and Administration Butch Eley announced Friday.

February 2022 revenues were also $111.7 million more than what the state received in taxes in February 2021, reflecting a growth rate of nearly 10 percent.

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Wisconsin Governor Tony Evers Proposes Payments to Wisconsin Residents Via Surplus Funds

Tony Evers

Wisconsin Governor Tony Evers on Thursday released his plan to spend the 2.9 billion surplus the state has due to increased tax revenue and federal coronavirus relief funds.

The Democrat takes $1.7 billion to distribute directly to residents of the state through $150 payments. Furthermore, $131.8 million will grant tax breaks to certain caregivers and families.

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Report: Tennessee One of 11 States with Financial Surplus

Sheila Weinberg

Tennessee continued its trend of growing a financial surplus as the state ranked sixth nationally for its fiscal health, according to Truth in Accounting’s annual Financial State of the States report.

Using numbers that included data from the fiscal year that ended in June 2020, Tennessee had $8.7 billion more than it owed in obligations, amounting to a $4,400 surplus per taxpayer and earning a grade of B in the report, which was released Tuesday.

The state had a $3,400 surplus per taxpayer the year before.

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Tennessee’s June Revenues $372 Million over Budget for a $2.8 Billion Surplus

Tennessee’s revenues for the month of June exceeded the budget by $372.3 million, putting the year-to-date surplus at $2.8 billion, Commissioner of the Tennessee Department of Finance and Administration Butch Eley announced Thursday.

State taxes for June 2021, which is the eleventh month of the current fiscal year, were $321.1 million more than June 2020.

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Tennessee’s Revenues in April Push Budget Surplus to over $2 Billion with Three Months Remaining in the Fiscal Year

Higher than expected revenues for the month of April resulted in the state’s budget surplus exceeding $2 billion with three months remaining in the 2020-2021 fiscal year.

Commissioner of Tennessee’s Department of Finance and Administration Butch Eley made the announcement Friday that April revenues of $2.5 billion resulted in a $596.7 million surplus for the month of April 2021.

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State Revenues in February Exceeded the Budget by $191 Million, Puts Fiscal Year Surplus at $1.3 Billion

Commissioner of the Tennessee Department of Finance and Administration Butch Eley announced Friday that tax revenues to the state for the month of February exceeded the budgeted estimates by $190.9 million, which puts the fiscal year surplus at $1.3 billion.

February revenues of $1.13 billion represent an 11.06 percent growth rate or $112.7 million more than February of last year.

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State Revenues $115.1 Million More than Budgeted for First Month of Fiscal Year 2021-2022

Tennessee revenues exceeded budgeted estimates for the first month of the state’s 2021-2022 fiscal year by $115.1 million, Department of Finance and Administration Commissioner Butch Eley reported Monday.

Total state revenues for August, the first month of the fiscal year on an accrual basis, were $1.16 billion, which is $22 million more than August 2019 and 11 percent more than the budgeted estimate for the month.

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Tennessee Revenues for July Exceed Budget Estimate by $667.1 Million

Tennessee tax revenues for the month of July exceeded the budgeted estimate by $667.1 million, Tennessee Department of Finance and Administration Commissioner Butch Eley announced Thursday.

Overall revenues of $1.86 billion in July were $689.4 million more than state revenues in July 2019.

The higher-than-expected revenues for July has the state finishing the 2019-2020 fiscal year in a surplus position of $369.2 million against the budgeted estimate and 2.42 percent above last year, despite the impacts of the COVID-19 economic slowdown.

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Tennessee State Revenue Report Shows Surplus of $138.8 Million in September

  The report of Tennessee state revenues for September at $1.6 billion resulted in a budget surplus of $138.8 million. Revenue for the month of September 2019, as indicated in the report, is $138.7 million more than September 2018, reflecting a 9.75 percent year-over-year growth rate. On an accrual basis, September is the second month in the 2019-2020 fiscal year. Combined with August, the two months of revenues have resulted in a total $167.6 million budget surplus year-to-date. Revenues are 6.6 percent ahead of the plan for the 2019-2020 fiscal year and 9.00 percent ahead of this time in the 2018-2019 fiscal year. Finance and Administration Commissioner Stuart McWhorter said of the most recent month’s revenue results, “September sales tax receipts continue to reflect strong consumer activity within the state and corporate tax revenues greatly outperformed expectations.” The sales and use tax, the state’s largest revenue generator accounting for more than 60 percent of the 2019-2020 budgeted revenues, exceeded the estimates for September by $31 million or nearly 4 percent. Year-to-date, sales tax revenues have exceeded the budgeted estimates by $40 million, or 2.5 percent for the two month period. Franchise and excise taxes combined, the state’s second-largest revenue source…

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China’s US Trade Surplus Hits Record in June

Donald Trump, Xi Jinping

Reuters   China’s trade surplus with the United States swelled to a record in June as its overall exports grew at a solid pace, a result that could further inflame a bitter trade dispute with Washington. But signs exporters were rushing shipments before tariffs went into effect in the first week of July suggest the spike in the surplus was a one-off, with analysts expecting a less favorable trade balance for China in coming months as duties on exports start to bite. The data came after the administration of U.S. President Donald Trump raised the stakes in its trade row with China on Tuesday, saying it would slap 10 percent tariffs on an extra $200 billion worth of Chinese imports, including numerous consumer items. US-China trade surplus China’s trade surplus with the United States, which is at the center of the tariff tussle, widened to a record monthly high of $28.97 billion, up from $24.58 billion in May, according to Reuters calculations based on official data going back to 2008. For January-June China’s trade surplus with the United States rose to $133.76 billion, compared with about $117.51 billion in the same period last year. China’s exports to the United States…

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State Revenues in Month of May Exceed Budget By $53.1 Million; Year-To-Date Surplus Now at $677 Million

Department of Finance and Administration Commissioner Larry Martin reported this week that May revenues exceeded the month’s budget of $1 billion by $53.1 million.  That makes nine out of ten months in the 2016-17 accrual year where collections exceeded the budget and the prior year’s collections. Year-to-date over collection of taxes is now up to $677.6 million. The most controversial and predominant legislation this past session was the gas-tax-increasing IMPROVE Act, with a large part of the arguments by proponents focusing on the “user fee” that they claim is diminishing due to increased vehicle fuel efficiency. Before the gas and diesel tax increases go into effect on July 1, fuel tax collections for the year are $44.3 million above the budget and $18 million ahead of last year’s collections. The Highway Fund in total, which, in addition to the fuel tax, is funded by some but not all potential “user fees,” is 4.83 percent over budget and 1.88 percent ahead of this time last year.  So far this year, that’s an additional $28 million for road projects, a month before Tennesseans start paying the four-cent per gallon gas and six-cent per gallon diesel tax increases. The data tables are available on…

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Steve Gill Commentary: The City of Newbern Shows How to Manage A Surplus

  Commentary by Steve Gill With $2 billion in surplus and recurring revenue at their disposal this past fiscal year the Tennessee legislature jammed through a $300 million tax increase on fuel that provides a windfall to their road contractor and lobbyist buddies. This is the same Republican super-majority that has increased spending a BILLION DOLLARS PER YEAR the past 7 years while patting themselves on the back for being “fiscally conservative.” They are the same politicians currently running around the state claiming they passed the “largest tax cut in history” without mentioning that the overwhelming majority of the “cuts” go to about 25 of the largest corporations in Tennessee. Is it really any big surprise that the bulk of the “cuts” went to some of the largest spenders on lobbyists and providers of donations to legislators? Perhaps it was just an amazing coincidence. All the talk of “tax cuts” is just to distract voters from the truth: they raised fuel taxes by over $300 MILLION per year on families. Oh, they will say, but we cut the food tax. The food tax cuts amount to about $55 million per year, meaning the net loss to taxpayers, when balanced against…

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