Wisconsin Legislature Delivers Big Tax Cut Budget

Date: August 18, 2021

Although sounding less than pleased with the 2021-23 spending plan, Governor Tony Evers nevertheless signed the budget legislation into law which includes a $2 billion tax cut package that targets individual income tax rates.

 

The 6.27 percent individual income tax bracket will be reduced to 5.3 percent, saving a family earning $50,000-60,000 about $172 per year, according to the State Fiscal Bureau.

 

The Governor described the budget as incomplete, saying there is still “unfinished business” and urged the Legislature to work with him to find ways to invest more in schools.

 

He used his veto authority to make 50 mostly minor changes to the two-year spending plan.

 

He vetoed a provision that would have permanently doubled the amount of general fund tax revenue that may be shifted to the Transportation Fund, and also vetoed a provision to send $550 million to the state’s rainy day fund.

 

For the first time in 14 years, the 2021-23 budget legislation was approved with bipartisan support, but significantly revised by the Legislature.

 

The budget signed into law does not include several provisions of the Governor’s proposal that would have increased the state’s minimum wage, repealed prevailing wage, and eliminated the state’s right to work law.

 

The Legislature will reconvene in September.

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