Taxes and fees to go up $763.2 million under budget proposal
Taxes and fees would go up $763.2 million over the biennium under the budget before lawmakers today, less than half of what was proposed in Gov. Jim Doyle's original budget, according to a Legislative Fiscal Bureau memo.
The budget also includes enhanced collection measures that are projected to increase GPR collections by $20.8 million for the biennium.
Sen. Mike Ellis, who requested the report, complained the increased taxes and fees along with the $1.2 billion in revenue growth already projected for the biennium means the state would take almost $2 billion more out of the private sector over the next two years at a time when the economy seems to be on shaky ground.
Ellis pointed to the Federal Reserve’s indications that it may drop interest rates to head off a recession, oil prices, continue problems with the subprime housing marking and other factors make him wary about the increases.
"All of these things say to me this may not be the time to be pulling this money out of the private sector," said Ellis, R-Neenah.
See the memo here.
