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Sunday, December 22, 2024

Wisconsin's individual income tax revenue up 7% as of Q4 2022 compared to Q4 2021

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Secretary Peter W. Barca at Wisconsin Department of Revenue | Wisconsin Department of Revenue

Secretary Peter W. Barca at Wisconsin Department of Revenue | Wisconsin Department of Revenue

Wisconsin collected $2.7 billion in individual income taxes during the fourth quarter of 2022, a 7% increase over the same period in the previous year, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

In the fourth quarter of 2021, $2.5 billion was collected in individual income taxes.

Individual income taxes are based on net personal income and taxes imposed on such income as dividends, interest and income from intangibles.

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by state governments.

Overall, Wisconsin collected $7.1 billion in combined tax revenues in the fourth quarter of 2022.

Q4 2022 Wisconsin Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$48
Sales and Gross Receipts Taxes$2,785
License Taxes$356
Individual Income Taxes$2,675
Total Income Taxes$3,863
Other Taxes$33

Source: U.S. Census Bureau

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