Tax Cuts on Wisconsin’s Legislative Agenda – Again

September 6, 2023

Legislation to reduce individual income taxes by $2.9 billion has been introduced and is being fast tracked.

Tax Cuts on Wisconsin's Legislative Agenda – Again

Legislation to reduce individual income taxes by $2.9 billion has been introduced and is being fast tracked through the legislative process. Assembly Bill 386, introduced by Representative David Steffen (Green Bay) and Senator Rachael Cabral-Guevara (Appleton), would reduce the third highest tax bracket, currently 5.3 percent, to 4.4 percent. Taxpayers with incomes between $36,840 (single filers) and $405,550 (joint filers) would save on average an estimated $772 per year. It also includes language that would exempt from taxes up to $150,000 in retirement income for joint filers, and up to $100,000 a year for single filers. Senator Cabral-Guevara said, “The state government in Madison has stockpiled billions of dollars that belong to the people of our state. It’s time that money goes back into the pockets of the folks who worked tooth and nail for it.” Representative Steffen said, “Our states unprecedented budget surplus has placed us in a position to deliver real, meaningful relief to our hard working middle class and our fixed income retirees.” Meanwhile, Governor Tony Evers has indicated he is open to reconsidering a tax reduction plan if Assembly Republicans would also consider funding some of his priorities. The Governor has called a Special Session of the Legislature urging legislators to adopt his proposal that would spend more than $1 billion for childcare, the University of Wisconsin system, and funding for solutions to the worker shortage, including a paid family and medical leave program. The State Assembly will consider passage of AB 386 during a floor period scheduled for Tuesday, September 12, 2023. Also on the Assembly Calendar is Assembly Joint Resolution 66, which would amend the State Constitution to require a super majority (two-thirds) of all elected members in each house of the Legislature for approval of legislation that increases taxes. NFIB registered support for passage of Assembly Bill 386, and also supports adoption of Assembly Joint Resolution 66.

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State:

Wisconsin

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