{"id":6550,"date":"2014-07-02T08:28:40","date_gmt":"2014-07-02T14:28:40","guid":{"rendered":"http:\/\/profs.wisc.edu\/?p=6550"},"modified":"2014-07-02T08:28:40","modified_gmt":"2014-07-02T14:28:40","slug":"states-revenue-projections-down","status":"publish","type":"post","link":"https:\/\/profs.wisc.edu\/?p=6550","title":{"rendered":"State&#8217;s Revenue Projections Down"},"content":{"rendered":"<p>The\u00a0Wisconsin Department of Revenue\u00a0<a href=\"http:\/\/www.wispolitics.com\/1006\/140627MayCollections.pdf\">announced<\/a> last week that\u00a0nearly all\u00a0state tax\u00a0collections were down for the month compared to May 2013 (see chart below).<\/p>\n<p>Corporate tax collections fell the most (20.2 percent), while income tax collections fell by 5.5 percent. State sales tax collections were up just .2\u00a0percent.\u00a0Overall\u00a0tax collections were down 2.5 percent for May and .4 percent year-to-date.<\/p>\n<p>According to <a href=\"http:\/\/www.wpr.org\/officials-wisconsins-tax-revenues-lagging-behind-expectations\">Wisconsin Public Radio<\/a>, the\u00a0Legislative Fiscal Bureau predicted earlier this year tax\u00a0collections would increase by about 1 percent. As a result of those projections, Governor Scott Walker <a href=\"http:\/\/profs.wisc.edu\/?p=6212\">announced<\/a> he would implement income and property tax cuts, citing a surplus of more than $900 million. Now, the state could end the year with $200 million less than predicted if collections continue to fall below projections.<\/p>\n<p><a href=\"http:\/\/profs.wisc.edu\/wp-content\/uploads\/2014\/07\/Revenue-projections-May-2014.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6552\" src=\"http:\/\/profs.wisc.edu\/wp-content\/uploads\/2014\/07\/Revenue-projections-May-2014.jpg\" alt=\"Revenue projections May 2014\" width=\"1275\" height=\"1650\" srcset=\"https:\/\/profs.wisc.edu\/wp-content\/uploads\/2014\/07\/Revenue-projections-May-2014.jpg 1275w, https:\/\/profs.wisc.edu\/wp-content\/uploads\/2014\/07\/Revenue-projections-May-2014-115x150.jpg 115w, https:\/\/profs.wisc.edu\/wp-content\/uploads\/2014\/07\/Revenue-projections-May-2014-231x300.jpg 231w, https:\/\/profs.wisc.edu\/wp-content\/uploads\/2014\/07\/Revenue-projections-May-2014-791x1024.jpg 791w, https:\/\/profs.wisc.edu\/wp-content\/uploads\/2014\/07\/Revenue-projections-May-2014-560x724.jpg 560w, https:\/\/profs.wisc.edu\/wp-content\/uploads\/2014\/07\/Revenue-projections-May-2014-260x336.jpg 260w, https:\/\/profs.wisc.edu\/wp-content\/uploads\/2014\/07\/Revenue-projections-May-2014-160x207.jpg 160w\" sizes=\"auto, (max-width: 1275px) 100vw, 1275px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The\u00a0Wisconsin Department of Revenue\u00a0announced last week that\u00a0nearly all\u00a0state tax\u00a0collections were down for the month compared to May 2013 (see chart below). Corporate tax collections fell the most (20.2 percent), while income tax collections fell by 5.5 percent. State sales tax&hellip;<\/p>\n<p class=\"more-link-p\"><a class=\"more-link\" href=\"https:\/\/profs.wisc.edu\/?p=6550\">Read more &rarr;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"image","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[19],"tags":[31,112],"class_list":["post-6550","post","type-post","status-publish","format-image","hentry","category-the-state","tag-scott-walker","tag-taxes","post_format-post-format-image"],"_links":{"self":[{"href":"https:\/\/profs.wisc.edu\/index.php?rest_route=\/wp\/v2\/posts\/6550","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/profs.wisc.edu\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/profs.wisc.edu\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/profs.wisc.edu\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/profs.wisc.edu\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6550"}],"version-history":[{"count":7,"href":"https:\/\/profs.wisc.edu\/index.php?rest_route=\/wp\/v2\/posts\/6550\/revisions"}],"predecessor-version":[{"id":6559,"href":"https:\/\/profs.wisc.edu\/index.php?rest_route=\/wp\/v2\/posts\/6550\/revisions\/6559"}],"wp:attachment":[{"href":"https:\/\/profs.wisc.edu\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6550"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/profs.wisc.edu\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6550"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/profs.wisc.edu\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6550"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}