There is absolutely no shortage of money in Madison. It’s time to scale back taxes to what government actually needs to function instead of just finding reasons to spend the “extra.” That isn’t a windfall for government. It is an excess of taxation.
The increase in general fund tax collections in 2021, particularly in the months of April and May, is unprecedented. Based upon the strength of collections and the vastly improved economic forecasts for the remainder of this year and the next two years, our analysis indicates that for the three-year period, aggregate general fund tax collections will be $4,427.4 million above those of the previous estimates ($1,447.9 million in 2020-21, $1,543.7 million in 2021-22, and $1,435.8 million in 2022-23).
2020-21 General Fund Condition Statement
Prior to this analysis, it was projected that the gross balance in the general fund at the end of the 2020-21 fiscal year would be $1,794.2 million. It is now estimated that the balance will be $2,610.3 million, an increase of $816.1 million. The 2020-21 general fund condition statement is shown in Table 1.