During a recent conversation with my tax preparer, I asked if I still had to track my charitable donations under the current federal tax laws. Well, not for the feds, but I should for the state because they haven’t adopted the new federal guidelines yet. Not a biggie, been doing it for years, don’t stop now.
And then I started thinking. roh roh!
Governor Scott Walker and the GOP legislature are anticipating tax receipt surpluses in the 2019 budget year. And being an election year, the governor is convinced the money should be refunded rather than used to pay off state debt or a rainy day fund or fixing the streets! We’ve discussed that before.
So those of you with minor children will be getting the $100 child rebate per child checks (if you registered for it) in the mail shortly. And the stupid sales tax holiday is just around the corner. And then another $100 tax credit when you file next year.
But what happens if the state adopts the federal guidelines and revenues go down…just like they have in Washington? Are we going to see a shortfall then? Will Wisconsin have to cut educational funding again? Borrow more again next biennial budget? I would be really curious of any of the policy wonks in Madison have done the projections yet!