February 18, 2009

Tax Increases in the FY 2010-11 Budget

Filed under: Budget,Taxes — Christian Schneider @ 2:22 am

Here’s a handy dandy chart detailing the tax increases in Governor Jim Doyle’s proposed FY 2010-11 budget.  Grand total: $2.2 billion.

Tax Increase FY 2010 FY 2011
Adopt Combined Reporting $75,600,000 $111,700,000
Adopt Main Street Equity Act 30,300,000 31,000,000
Extend Sales Tax to Digital Personal Property 4,200,000 6,700,000
Cigarette Tax Increase 127,400,000 130,300,000
Tobacco Products Tax Increase 15,200,000 18,000,000
Very High Earner Income Tax Bracket 175,563,000 136,194,000
Reduce Capital Gains Exclusion to 40% 85,100,000 95,500,000
Nonresident Pass-Through Withholding 38,500,000 0
Decouple from Federal Qualified Production Activities Deduction 38,200,000 33,500,000
Affiliated Entities Sales Tax Treatment 19,800,000 21,000,000
Fully Recognize Throwback Sales 57,700,000 37,500,000
Air Carrier Definition 4,000,000 4,000,000
Economic Nexus Standard for Internet Businesses 1,500,000 1,500,000
Internal Revenue Code Updates -40,560,000 -5,490,000
Angel and Early Stage Seed Investment Credits Revisions 0 -7,000,000
Increased Research and Development Investment Credit 0 -5,000,000
Sunset Film Production Services Tax Credit 5,000,000 5,000,000
Delay Credit for Medical Records Technology Investments 4,500,000 10,000,000
Next Generation Farmer Tax Credit (effective 2011) 0 0
Dairy Cooperative Tax Credit -600,000 -700,000
Meat Processing Facility Tax Credit -300,000 -700,000
GPR Total Tax Changes $641,103,000 $623,004,000
Hospital Assessment $310,021,000 $339,695,800
Oil Company Profits Tax 100,324,900 171,490,300
SEG Total Tax Changes $410,345,900 $511,186,100
NET TOTAL ALL FUNDS $1,051,448,900 $1,134,190,100
Total 2010-11 $2,185,639,000

11 Comments

  1. The sooner we DUMP Doyle the better off we will be.

    Comment by Teri Augustian — February 18, 2009 @ 1:46 pm

  2. I could have swore that the oil tax was worth $540 million over the next 2 years. The above figures add up to less than $272 million.

    Comment by steveegg — February 18, 2009 @ 7:04 pm

  3. That’s the last time I trust Doyle’s numbers.

    Comment by steveegg — February 18, 2009 @ 8:50 pm

  4. steveegg-You could have sworn right about the 540mil you just forgot to adjust for Doyle’s slight of hand with numbers. Just remember it’s the New Math and stop trying to make the numbers add up the way we were taught in school.

    Comment by sims — February 18, 2009 @ 10:59 pm

  5. FYI – that’s the budget and the budget repair bill combined.

    Comment by Mr. Pelican Pants — February 19, 2009 @ 10:26 am

  6. This proposed budget is a 94 page document, and this chart is just a polically filtered 10,000 foot view of how everything is being handled. My suggestion:Read the full budget, and then gather your opinions.

    Of course, those with a conservative point of view will always have something to complain about in a document written by someone with a liberal point of view.

    Personally, my middle class family with my wife in the education field only benefits from this plan. I think complaining about increased taxes on healthy incomes falls on the deaf ears of those who are currently paying for bills and groceries with unemployment funds and have a For Sale sign in the front yard.

    Anyway, those who visit this site already have a pre-conceived opinions, and don’t need charts reinforce them.

    Comment by Cory — February 19, 2009 @ 1:30 pm

  7. Cory –

    Had you actually read the 94 page document” yourself, you would know that this chart comes directly from page 68 of Jim Doyle’s own summary. So you should probably e-mail him and stop telling him to make his budget summaries so “conservative” and “political.”

    Incidentally, this document is only the “Budget in Brief” – the entire budget is 500 pages, and I have read every line.

    Comment by Christian Schneider — February 19, 2009 @ 1:54 pm

  8. Nice work, but the bottom line is literally my bottom line.

    -Cory

    Comment by Cory — February 19, 2009 @ 4:32 pm

  9. [...] think Jim Doyle came up with his 2010 Wisconsin budget by looking at each many a decision and thinking “what is the exact opposite of what Dan [...]

    Pingback by Governor Doyle Unleashes Budget, Doom Unto Wisconsin | BipolarNation.com — February 20, 2009 @ 9:21 am

  10. To Cory

    A tax increase to businesses and what you refer to as healthy incomes will eventually be a tax increase for you. When you increase taxes on the wealthy and the businesses, two things will happen. Number 1. Wealthy people will pack up and leave the state and so will businesses. This will have a profound effect on the economy because there won’t be as much investment as before and the state will lose tax revenue. That lost tax will eventually be shifted to you. Number 2.When businesses leave the state you end up with less jobs and more people who buy their groceries and pay their bills with an unemployment check. If all of the wealth in Wisconsin is gone, and we use your approach, then where are you going to get the money for the newly unemployed. Also, the less businesses you have in the state contributing unemployment tax, the less money you have to give to the unemployed. Eventually the well will run dry. I am a middle class American but I am also a business owner and I know all too well about the burden of taxes. If the government in Madison stopped growing and spending, they wouldn’t have to raise taxes. I would then be able to grow my business and maybe hire a couple of people. You mentioned that you have a bottom line. Everyone has a bottom line Cory. I could go on and on about how raising taxes, especially in a recession, will hurt all of us but you probably have pre-concieved opinions so I won’t bother.

    Comment by Barry — February 20, 2009 @ 5:02 pm

  11. Hasn’t anyone in Wisconsin ever been taught in “public” schools that business never ever pays sales or any other taxes? What makes so many people so ignorant as to think that businesses ever pay any form tax?

    Business taxation is NOTHING MORE than a way for State Government to tax ordinary citizens who haven’t had proper education. All business and sales taxes, of all types, including but not limited to, sales, payroll, Social Security, Medicare, Corporate, self-employment, in short all taxes go into the final cost of all products and services paid for by the average citizen and not any business. Even taxes buried in overhead, like property taxes, etc…, are factored into the cost of the product “before” markup, using an overhead factor assessed through various accounting procedures and tacked on the figures for how much to charge the average common man / consumer / purchaser of the product or service.

    In construction for instance; being an estimator for producing bids given to General Contractors or owners all contractors place taxes in the “cost” line on our spreadsheets and we place our markups on top of all costs including all taxes levied by any government entity. We, as a business don’t pay any taxes out of our pockets ever. We pass all costs to our customers for him or her to pay.

    When you go to the retail store the sales taxes are right on the receipt and you pay the tax. The store doesn’t pay any tax of any kind.

    Now taxes do hurt businesses because as can be calculated out via economic equations, each uptick on price drops the number of consumer taxpayer prospects who will buy the product or service. So business is hurt and, thereby, employment; because smart successful businesses will layoff people when the demand for products or services fall enough to eliminate the need for a person or a thousand people.

    So taxes always hurt the common person the most, every single time. And, taxes of any kind are never ever paid by any business.

    It saddens me that our public schools are so inept and utterly incompetent that so many of them and the teachers thereof are unable and don’t have the ability or, in the alternative the desire, to teach this, one of the most important aspects and impacts of our lives, to our children.

    Perhaps, one day, our public schools, through massive effort on their part, will be able to make progress on this subject of critical importance to our children and hopefully even successfully teach the very one and only meaning of freedom (which means freedom from government and “free stuff there-from” or “self-government” under Natural Law (morality) laws of our creator who bestowed upon us certain unalienable rights and why it (freedom from Government and “free stuff”)produces prosperity and happiness for the vast number of INDIVIDUALS in a society.

    Comment by Capt. Karl — March 17, 2009 @ 8:02 am

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