No. Billionaires pay a federal income tax rate much higher than 8%, according to the latest data.
Tag: taxes
Posted inGovernment
Milwaukee County approves sales tax increase as part of plan to avoid bankruptcy
The Milwaukee County board has voted to nearly double the county’s sales tax, two weeks after the city of Milwaukee approved a local sales tax increase as part of a bipartisan plan to avoid bankruptcy.
Posted inFact briefs
Must all money from Milwaukee’s new 2% sales tax be spent on police?
No. Most revenue from a City of Milwaukee sales tax must be spent on city employee pensions and most of the remainder on police and fire positions.
Posted inGovernment
Tony Evers scales back GOP tax cut, extends K-12 funding growth in Wisconsin budget
Wisconsin Gov. Tony Evers signed off on a two-year spending plan Wednesday after dramatically scaling back the size of a Republican income tax cut that would have moved the state closer to a flat rate.
Posted inFact briefs
Do income tax cuts proposed in the Wisconsin state budget benefit richer people the most?
Yes. The 2023-25 Wisconsin state budget would reduce income tax rates in all brackets and taxpayers with the largest incomes would get the largest share of the $3.5 billion reduction.
Posted inFact briefs
Did more than 92,000 income tax filers leave Wisconsin for other states in 2021?
Yes. An estimated 92,146 income tax-filing individuals left Wisconsin in 2021 for other states.
Posted inFact briefs
Does Wisconsin rank among the states with the highest property taxes?
Yes. Several 2023 reports ranked Wisconsin among the states with the highest property taxes.
Posted inFact briefs
Is Wisconsin’s income tax on the middle class higher than the top individual income tax rate in half the states in the nation?
Yes. Wisconsin’s tax rate is 5.3% for individual taxpayers in the middle tax bracket — higher than the rate in the top tax bracket in 25 states as of January 2023, according to the Tax Foundation.
Posted inGovernment
Gov. Tony Evers pushing for tax cuts, new paid family leave program
Democratic Wisconsin Gov. Tony Evers is making a plea for bipartisanship in his state budget proposal.
Posted inFact briefs
Would a proposed flat tax give Wisconsin taxpayers earning more than $1 million a year a $100,000 tax cut?
Yes. The Republican leader of the Wisconsin Senate recently proposed a flat tax that would reap annual savings for millionaires in excess of $100,000.
Posted inFact briefs
Have tax cuts saved Wisconsin taxpayers nearly $22 billion over the last 12 years?
Yes. Tax policy changes adopted since January 2011 in Wisconsin have cumulatively saved state taxpayers approximately $21.9 billion in the 12-year period between 2011-12 and 2022-23, according to an analysis by the nonpartisan Legislative Fiscal Bureau.
Posted inGovernment
Wisconsin GOP leader proposes flat income tax; Evers opposes
The Republican leader of the Wisconsin state Senate has proposed moving to a flat income tax rate of 3.25%. Democratic Gov. Tony Evers has vowed to block the proposal circulated Friday.