Small business owner taxpayers would have benefitted from tax cuts vetoed by Governor Tony Evers.
Governor Tony Evers has once again vetoed legislation that would have reduced taxes for thousands of small business taxpayers.
Assembly Bill 1020, approved by the Assembly 62-44, and concurred by the Senate 22-10, would have reduced the individual tax rate from the current 5.3 percent to 4.4 percent, saving taxpayers $658 million in 2024-25 and $472 million every year thereafter.
According to estimates by the Legislative Fiscal Bureau, the average tax savings would be $781 in 2024.
Also vetoed by the Governor was legislation that would have nearly doubled the marriage tax credit from $480 to $870, a tax savings of $169 million in 2024-25, and $161 million per year thereafter.
The Governor also vetoed Assembly Bill 1021 which excluded the first $150,000 of a couple’s retirement income from taxes.
The tax cut package of bills vetoed by Governor Evers would have reduced taxes by about $3.2 billion, according to estimates.
Governor Evers said he vetoed the tax cut legislation because he believed the bills were “fiscally irresponsible measures that would leave the State of Wisconsin unable to meet its basic obligations to adequately fund education, health care, public safety and aid to local governments.”
Representative Robin Vos (Burlington), Speaker of the Assembly, said Governor Evers “Refuses to support tax cuts that directly benefit the middle class, even when using defined parameters on what he deems as middle class.”
Representative David Steffen (Green Bay) also expressed his disappointment with the vetoes, “Thanks to the Governor’s vetoes, Wisconsinites won’t receive this much needed relief. Instead, the state’s multi-billion dollar taxpayer surplus will continue to grow.”
NFIB strongly supported passage of legislation that would reduce the tax burden for Wisconsin’s small business taxpayers.
