logo
Brief Publisher Logo
FACT BRIEF

Does Wisconsin have a projected $5 billion surplus?

By Hope Karnopp
View this fact brief on Wisconsin Watch
Copy link
email
Copy featured image
email
YES

The state Department of Revenue estimated in August that Wisconsin will have a $5 billion surplus by July 2023, the start of a new fiscal year.

In October, the Wisconsin Department of Administration reported that the state had ended the 2022 fiscal year with a balance of $4.3 billion. Wisconsin's "rainy day" fund sat at $1.73 billion —the largest balances in state history.

Democratic Gov. Tony Evers and the Republican-controlled state Legislature are debating how to use the surplus in the next two-year budget.

Evers' plan includes a 10% income tax cut for households earning $150,000 or less, capping co-pays for insulin and putting $2 billion toward public education.

Senate Majority Leader Devin LeMahieu said Republicans want to expand school choice and extend tax cuts to include wealthier Wisconsinites. Republican Assembly Speaker Robin Vos told Fox6, "We should return as much as we can back to the taxpayers."

This fact brief is responsive to conversations such as this one.
Sources
State of Wisconsin Press Release: Gov. Evers Celebrates Highest State Surplus, Rainy Day Fund Balance in State History, Renews Call to Use Historic Surplus to Cut Taxes, Address Rising Costs for Wisconsin Families
Milwaukee Journal Sentinel Wisconsin poised for a record budget surplus. That could mean good news ahead for tax cuts, school funding and more
Wisconsin Public Radio Wisconsin has record $4.3B budget surplus
State of Wisconsin Press Release: Gov. Evers Celebrates Highest State Surplus, Rainy Day Fund Balance in State History, Renews Call to Use Historic Surplus to Cut Taxes, Address Rising Costs for Wisconsin Families
FOX6 News Milwaukee | Wisconsin & Local Milwaukee News WITI Wisconsin budget surplus: Republicans, Evers face renewed talks
WisPolitics Evers skeptical of GOP calls to cut top tax rates, move to universal school choice
State of Wisconsin Press Release: Wisconsin Ends Fiscal Year 2022 with Record $4.3 Billion Positive Balance
ABOUT THE CONTRIBUTOR
Wisconsin Watch
Wisconsin Watch, the news arm of the nonpartisan, nonprofit Wisconsin Center for Investigative Journalism, increases the quality and quantity of investigative reporting in Wisconsin, while training current and future investigative journalists. Its work fosters an informed citizenry and strengthens democracy.
FACT BRIEF BY
Brief Publisher Logo
Latest fact briefs from Wisconsin Watch
facebook
twitter
email
email
About fact briefs published on Gigafact
Fact briefs are short, credibly sourced summaries that offer “yes/no” answers in response to claims found online. They rely on publicly available, often primary source data and documents. Fact briefs are created by contributors to Gigafact —a nonprofit project looking to expand participation in fact-checking and protect the democratic process. See all fact briefs here.