Rate adjustments resulted in a $423.6 million income tax cut.
Tax Cuts Saved Wisconsin Taxpayers More Than Expected
New data from the Wisconsin Department of
Revenue has shown that the income tax cuts enacted in 2013 and 2014 in the
Badger State have paid off in a big way for Wisconsin taxpayers. Based on tax
collections for 2014, the savings amounted to $423.6 million, $30 million more
than the Legislative Fiscal Bureau estimated in July 2014.
The rates were adjusted as follows:
- The top tax rate, 7.75 percent on
income above $240,200, was lowered to 7.65 percent.
- The two rates of 6.75 percent and
6.5 percent were combined into a 6.27 percent rate for income between
$21,800 and $163,700.
- The second-lowest rate of 6.15 percent on income between $10,900 and $21,800 was lowered to 5.84 percent.
- The lowest rate of 4.6 percent was
reduced to 4 percent.