Tuesday, October 27, 2009

Wisconsin Revenue Blues

Oh, yah.

Q1 2009 State tax revenues took a (predictable) dive.

Individual income tax off 8.1% from 2008
General Sales/Use tax off 8.7%
Excise taxes off 5.9%

Net/net total off 7.9%.

But it's even more interesting. Remember, "Cash for Clunkers" sales-tax revenues fell into that reporting period (July-Sept.)

Nationally, 690,000 cars were sold under C4C. 1/50th of that would be 13,800 cars in Wisconsin. Let's assume that the average sales price was $25K.

That means that $17.25 million of the $680 million sales-tax revs was C4C.

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