Saturday, October 16, 2010

WI Tax Revenue Sinks for FY 2010


The January estimates of State revenues were....ahhh....optimistic!.....concerning individual and sales-tax revenues for FY 2010.

How optimistic?

Try $136 million. State residents earned less and spent less than projected. What a surprise!

Fortunately, the State soaked corporations (through the unitary tax) for an extra $134 million. (/sarcasm)

That $134 million will not go to shareholders as dividends; it will not go to R&D for new products; it will not land in employee's pockets as raises; it will not offset increased health-insurance costs; it will not buy machinery and equipment.

But it will provide State employees with jobs.

The '09/'10 numbers tel the same story.

Individual income tax revenue dropped $130 million from '09 to '10.

Sales tax revenue dropped $140 million, same period.

Not a good year.


Disgruntled Car Salesman said...

It seems as if to me that getting the F outta WI was a pretty damned good move....

Anonymous said...

And we all thank you for it!!!