Senate Majority Leader Senator Scott Fitzgerald said 1.5% growth in general-fund taxes in the 2015-17 biennium would erase a projected long-term deficit that could grow as a result of Governor Scott Walkers new tax cuts. Meeting with reporters before Walker’s 7 p.m. State of the State speech, Fitzgerald said Senate Republicans worried about the structural deficit – the long-term imbalance between spending commitments and tax collections – asked Fiscal Bureau Director Bob Lang what 2015-17 growth is needed to erase a future shortfall. Republicans, who control the Senate, are trying to balance new tax cuts Walker is proposing with how much of a “comfortable” surplus to maintain, Fitzgerald added. Last week, Lang predicted a 2.2% growth in general-fund taxes in this fiscal year, and a 4.3% increase next year. Every 1% in general-fund taxes equals $143 million.
Posted on: Wed, 22 Jan 2014 19:58:43 +0000
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