The Legislative Fiscal Bureau reports legislative enacted tax reductions have saved Wisconsin taxpayers $22 billion since 2011.
According to Senator Howard Marklein (R-Spring Green), Co-chair, Joint Committee on Finance, “The Memo we received from the LFB shows exactly how consistent tax cuts and an on-going commitment to spending within our means actually gives back to taxpayers. In our case, it is $22 billion.”
Senator Marklein explains the tax reductions were accomplished with approximately 134 different adjustments to taxes in a wide array of categories. Income and franchise taxes, economic development surcharges, general fund taxes and property taxes.
“From increasing general school and lottery tax credits (which reduces your property taxes) to cutting income tax rates and creating tax credits for child and dependent care expenses, we have created a much friendlier tax environment for citizens and businesses,” said Senator Marklein.
NFIB congratulates the legislature and commends Senator Marklein for his key role approving policies that will result in significant tax reductions for Wisconsin taxpayers.