Now that the Legislative Fiscal Bureau has estimated a state budget surplus of about $1 billion – $900 million more than originally forecast – state legislators need to work with Gov. Scott Walker on what to do with all that extra cash.
Assembly Speaker Robin Vos, R-Burlington, wants to see some of the money provide property tax relief through technical colleges or delivered through the counties, according to a story on jsonline.com.
“The method is still being discussed, but my preference is to have it go to something that gives a reduction to every (property) taxpayer, not just some,” Vos is quoted as saying.
Because most of the surplus comes from increased tax revenues, state law dictates that half the extra taxes from each of the budget’s tax years be deposited into a rainy day fund. The rest of it is up for grabs.
Gov. Scott Walker confirmed that he’s working with lawmakers on how best to get money back into the hands of taxpayers.
“The additional revenue should be returned to taxpayers because it’s their money,” Walker told the newspaper. “The days of billion-dollar deficits and double digit tax increases are over, and we have led ourselves into a new era of financial responsibility and continued investment in Wisconsin’s priorities.”
How do you think the surplus should be handled?