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Democratic Gov. Tony Evers has proposed to earmark $600 million of Wisconsin’s large surplus for tax relief. The state Department of Administration’s latest projections place Wisconsin’s surplus at around $6.58 billion.
Evers’ plan includes a 10% tax cut for “working families” — single filers making at or below $100,000 or joint filers making $150,000 and under. The average filer would save $221 a year; the median family of four would get at least a $375-a-year tax cut. If approved, the proposal would add on to the $3.4 billion in tax cuts passed in last year’s state budget.
Republican Assembly Speaker Robin Vos said he wants “significantly” more than $3.4 billion in tax cuts put into the next state budget. Senate Republicans are floating the idea of a flat income tax of 3.5% for everyone. Evers has already vowed to veto it, telling The Capital Times the move would give “tax breaks to people that, frankly, are our highest income folks.” The wealthiest Wisconsinites have a top tax rate of 7.65%.
State of Wisconsin | Office of the Governor: Press Release: Gov. Evers Announces New Plan to Cut Taxes, Help Working Families Afford Rising Costs, Reduce Barriers to Employment
Wisconsin Department of Administration: Agency Budget Requests and Revenue Estimates
AP News: Vos wants ‘significantly’ more than $3 billion in tax cuts
Milwaukee Journal Sentinel: Senate Republicans want to phase in a flat 3.5% income tax
Wisconsin Watch: Wisconsin Gov. Tony Evers opposes GOP flat income tax cut plan
State of Wisconsin: DOR Tax Rates