![]() ![]() Evers and Republicans have both supported doing away with that personal property tax, but haven’t agreed on exactly how to do it.Įvers’ budget proposal included a 10% income tax cut for individuals making $100,000 or less a year and married filers making $150,000 or less. That bill, along with one doing away with a tax that businesses pay on furnishings and equipment, were both heard by the Senate revenue committee on Tuesday. ![]() ![]() That would cost the state nearly $5 billion in lost tax revenue over the next two years.įor taxpayers, the average tax decrease would be $4,415 over the four-year phase-in period and about $1,800 a year after that, according to the nonpartisan Legislative Fiscal Bureau. It would do away with Wisconsin’s progressive income tax and replace it with a flat 3.25% rate by 2026. LeMahieu set the marker for Republicans with the most conservative tax cut proposal. Overall, however, when compared to national averages, rates in Wisconsin are higher for higher incomes and lower for lower incomes. It also found that that in recent years, Wisconsin income tax rates have declined more for higher income earners than they have for those with lower incomes. Wisconsin’s total tax burden, which is total taxes measured as a share of personal income, fell to its lowest point in more than 50 years in 2022, according to the Wisconsin Policy Forum. “This will make Wisconsin more competitive, more affordable and stronger,” LeMahieu testified before the Senate revenue committee. LeMahieu on Tuesday called his flat tax measure a “once-in-a-lifetime opportunity” to make generational tax reform given the state’s high surplus. ![]()
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