Wisconsin Governor Proposes Eliminating the Personal Property Tax

February 15, 2023

Wisconsin Governor Proposes Eliminating the Personal Property Tax

Governor Tony Evers included the elimination of the personal property tax in his 2023-25 biennial budget proposal. The Governor indicated his strong support for repealing this “outdated burdensome tax,” which would give small businesses a tax savings of over $200 million in the first year following repeal. The Governor also wants the Legislature to approve a 10 percent individual income tax reduction for single filers at or below $100,000 income, and also a cut reduction for joint returns at or below an income level of $150,000. Governor Evers said his tax cuts would deliver “responsible tax relief targeted to the middle class and working families – not spending big on breaks for the wealthiest 20 percent of earners in our state who don’t need the extra help affording rising costs.” To help pay for the individual income tax cuts, and “to support small business growth and development,” the Governor proposes to increase taxes on manufacturers by limiting the manufacturing portion of the Manufacturing and Agriculture Tax Credit. Governor Evers is also proposing an income based cap for capital gains which would limit the current 30 percent exclusion from taxes to individuals with incomes below $400,000, and married joint filers with incomes below $533,000. Meanwhile, in the Legislature, bills have been introduced that would eliminate the personal property tax (Assembly Bill 2 and Senate Bill 2), and create a flat individual income tax rate (Assembly Bill 1 and Senate Bill 1). In addition to these important proposals to reform taxes, NFIB is also reviewing proposals that would eliminate the sales tax from credit card swipe fees, increase the retailers discount for the collection and remittance of the sales tax, and a bill that would increase penalties for retail.

Topics:

Uncategorized

State:

Wisconsin

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