The Department of Revenue stated today that General Purpose Revenue tax collections for FY2012 increased to $13.515 billion in their next-to-last report on said revenues. The MacIver News Service noted this was $127 million higher than the DOR’s May 2012 estimate and $320 million higher than the Legislative Fiscal Bureau’s February 2012 estimate.
Allow me to bring back from the memory hole a couple of other, earlier estimates. First is the LFB’s estimate immediately after the FY2012/FY2013 budget was adopted, as part of a longer memo showing that budget would produce a structural surplus in the succeeding biennium. In that memo, once the effects of the budget and the (prior-period) budget repair bill are added (subtracted, really) together, FY2012 GPR tax collections were expected to be $13.297 billion.
I’m sure my friends on the Left will say that, if we had just continued former governor Jim Doyle’s policies, things would be a lot better. That administration didn’t exactly see it that way. A LRB memo from late-January 2011 references the December 2010 DOR estimates, and despite economic assumptions that, on a national level, were a bit rosier than reality, the Doyle-era DOR foresaw only $13.304 billion in GPR tax collections for FY2012.
The Laffer Curve lives.
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