| | | Wisconsin's Actual Financial Numbers
Posted Thursday, October 16th 2014 @ 6am
The Annual Fiscal Report, which reports Wisconsin actual, not forecasted financial performance, reflects continued good stewardship of Wisconsin’s finances. Don’t be confused by Mary Burke, and the media’s previous sky is falling headlines. Wisconsin is in better shape than during the Burke/Doyle years by every metric.
Wisconsin ended the fiscal year with over a half billion cash on hand. That is the second largest cash balance Wisconsin has had in the 21st century, second only to last year’s fiscal year. The rainy day fund, since Doyle’s last day in office, has increased 16,500%. Even with our tax cuts, we have had the largest two years of tax collections in Wisconsin history. Remarkable how that works, Republicans cut taxes, and we realize more tax receipts than previous Democratic administrations armed with higher taxes. Tax receipts are down slightly from last year, but the reason for that decrease highlights a core conservative philosophy. Withholding tables were adjusted, which reflects the fact conservatives believe you shouldn’t be granting the state an interest free loan, it’s your money. Withholding tables were adjusted downward last spring by ten percent to let you keep more of your cash, yet the amount of cash collected from the previous year was only down by 6%, because of growth in the number of Wisconsin residents employed and higher wages for existing workers.
Wisconsin democrats will continue to engage on a campaign of gender, class and racial warfare. However, a look of the actual numbers shows Republicans have directed tax cuts to the middle class, made significant progress on the minority education gap, expended BadgerCare to 100% of the population at poverty below, and made had the largest commitment to fighting domestic violence in the nation.
The annual financial report also shows $141 million more was spent on education than the previous year. Wisconsin’s schools have never been more financially solvent. Statewide school fund balances rose 32% from 2009 to 2013. In 2009, schools collectively had a fund balance of $1. 6 billion and in 2013 the total fund balance increased to $2.1 billion. Additional spending on education is not a measure of success, higher graduation rates and ACT scores are. ACT scores have increased since 2010. The last year Democrats were in charge, the high school graduate rate was 85.7%. In 2013, after three years of Republican control, and Act 10, the state graduation rate increased by 2.3% to 88%. Measurable progress was made in closing the gap between minority graduation rates and the rest of the state. In 2010, the African American gradate rate was 60.5% and in 2013 improved to 64.8%. In 2010, the Hispanic graduation rate was 69% and in 2013 improved to 74%.
How many times have you heard the tired refrain tax cuts for the rich? The fact is Governor Walker’s tax cuts were targeted to the middle class. Today’s tax code is more progressive than in 2010. The bottom tax rate was lowered from 4.6% to 4.0% and the top rate was lowered from 7.75% to 7.65%. The rich are paying a larger percentage of the total tax bill than they did during the Doyle/Burke administration.
The actual results show the last round of fiscal doom and gloom by Democrats and the media was Enron math. The actual results reflect significant progress, and if the current trends continue, Wisconsin will end the year with revenue that exceeds expectations by $220 million. It’s not only about the numbers, graduation rates climbing, property and income taxes declining, one hundred thousand additional new jobs, and a tuition freeze means Wisconsin’s middle class are better off than four years ago. With the additional revenue growth, and cash on hand, you can count on the Republican team to turn up the volume on tax relief, while also ensuring Wisconsin’s education system competes globally.
Dale Kooyenga
Read more: newstalk1130.com |
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