Skip to content

Lawmakers Introduce Another Tax Reduction Plan

Lawmakers Introduce Another Tax Reduction Plan

January 30, 2024 Last Edit: July 18, 2024

Lawmakers have introduced another tax reduction package, hoping they can convince the Governor the time is right to provide some relief for Wisconsin taxpayers.

Although Governor Tony Evers has rejected previous attempts by the Legislature to enact significant tax cuts, members of the Senate and Assembly have introduced another tax reduction package, hoping they can convince the Governor the time is right to provide some relief for Wisconsin taxpayers.

Although Governor Evers signed into law some modest tax reductions which were included in the 2021 budget, he has since vetoed two Republican-sponsored proposals that would have significantly reduced the individual income tax burden.

The most recent proposal is directed to middle class taxpayers, expands the married couple credit, includes a retirement income exemption from taxes for seniors, and increases the child and dependent tax credit for families being challenged by the cost of child care.

Specifically:

  • Reduces the upper individual income tax rate to 4.4% (currently 5.3%).

Average tax savings: $454 per filer

  • Increases the amount of credit allowed for child care expenses.

Average tax savings: $656 per filer.

  • Increases the married couple maximum tax credit.

Average tax savings:  $338 per filer.

The package will lessen the tax burden for taxpayers by over $2 billion, and will impact 1.8 million taxpayers, according to the sponsors of the proposal.

Representative Mark Born (Beaver Dam), Assembly Chair of the Joint Committee on Finance, said, “We over collected taxes and we should give them back to those who overpaid.”

Senate Howard Marklein (Spring Green), Senate Chair of the Joint Committee on Finance, said, “We have nearly $4 billion sitting in surplus.  Our middle class tax cut  answers the Governor’s call.  This is good for families, individuals, workers, retirees, and everyone in between.”

NFIB believes the individual income tax rate reduction will have a positive impact on thousands of small business taxpayers, easing a tax burden that is often cited as a significant barrier to small business creation and growth.

The package will likely soon be acted on by the Legislature and forwarded to Governor Evers for his approval (hopefully).

Get to know NFIB

NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Receive our newsletter and email notification
Knowledge is power. Let us help you stay informed with breaking legislative news, regulatory updates, business tips, and more.

Related Articles

December 3, 2024
NFIB Highlights Top Small Business Priorities as 2025 Nears
NFIB highlights top legislative priorities for the next two months. Congres…
Read More
December 2, 2024
State of Minnesota Offers Free Sales Tax Webinars in December
In December, the Minnesota Department of Revenue (MDOR) is offering two no-…
Read More
December 2, 2024
NFIB Virtual Event: New Mexico Legislative Preview
The New Mexico Legislature will convene on January 21, 2025, where among ot…
Read More
December 2, 2024
Wisconsin Tax Burden Hits Historic Low
According to a recent report by the Wisconsin Policy Forum, the state and l…
Read More

© 2001 - 2024 National Federation of Independent Business. All Rights Reserved. Terms and Conditions | Privacy Policy | Accessibility