{"id":2898,"date":"2023-05-17T14:24:59","date_gmt":"2023-05-17T14:24:59","guid":{"rendered":"https:\/\/wifamily.news\/?p=2898"},"modified":"2023-05-17T14:55:56","modified_gmt":"2023-05-17T14:55:56","slug":"irg-releases-playbook-for-income-tax-relief-in-divided-government","status":"publish","type":"post","link":"https:\/\/wifamily.news\/?p=2898","title":{"rendered":"IRG Releases Playbook for Income Tax Relief in Divided Government"},"content":{"rendered":"

This post originally appeared at https:\/\/reforminggovernment.org\/irg-releases-playbook-for-income-tax-relief-in-divided-government\/<\/a><\/p>\n

<\/div>\n

Historic Tax Relief for Middle Class, Small Businesses Within Reach<\/h3>\n

Delafield, WI \u2013<\/strong> Today the Institute for Reforming Government (IRG) released a new policy playbook on income tax relief<\/a>. It includes three new tax proposals<\/strong> for policymakers\u2019 consideration, each of which would provide historic tax relief to middle class families and small businesses while providing a shot in the arm to the state\u2019s economy.<\/strong> The proposals have been analyzed by the economists<\/a> at the University of Wisconsin-Madison\u2019s Center for Research on Wisconsin\u2019s Economy (CROWE) to determine their impact on workers, families, and the economy.<\/p>\n

WHAT IT IS <\/strong><\/span><\/p>\n

As the tax reform debate in Madison has stagnated, IRG\u2019s playbook<\/a> outlines new alternatives for consideration that will reduce taxes on all workers, providing historic relief for middle class families and small businesses.<\/p>\n

The plays:<\/p>\n

Play 1. Reduce all brackets by 1.5 points.<\/strong> $716 annual tax cut for a median family, $2.75 billion overall tax relief.<\/p>\n

Play 2. Eliminate one bracket, reduce remaining to 2%, 4.5%, and 6.15%.<\/strong> $669 annual tax cut for a median family, $2.66 billion overall tax relief.<\/p>\n

Play 3. Eliminate two brackets, set remaining brackets at 2% and 4.5%.<\/strong> $635 annual tax cut for a median family, $2.91 billion overall tax relief.<\/p>\n

WHY IT MATTERS <\/strong><\/span><\/p>\n

Plans have already been on the table, including IRG\u2019s 2021 plan to completely eliminate the personal income tax, Senator LeMahieu\u2019s flat tax proposal, and Gov. Evers\u2019 targeted 10% tax cut budget proposal. With inflation still high and a recession looming, Wisconsinites need policymakers to act. IRG\u2019s new playbook<\/a> and the corresponding analysis from CROWE show how policymakers can come together to provide historic relief to the middle class, a policy supported by Wisconsinites.<\/p>\n

In recent statewide polling by Morning Consult, 70%<\/strong> of Wisconsinites said they believe that lowering the income tax would help alleviate the worker shortage and 75%<\/a> said they supported lowering income tax.<\/strong> In December of 2022, 59%<\/strong><\/a> of Wisconsinites thought that the state\u2019s income taxes were too high.<\/p>\n

WHAT\u2019S NEXT <\/strong><\/span><\/p>\n

It\u2019s time to pick a play.<\/strong> Lawmakers are currently debating the 2023-2025 state budget, with the new fiscal year starting on July 1. There is a great opportunity for policymakers to do what they did in 2021 and enact significant bipartisan income tax relief. With a looming recession, high inflation, and a $6.9 billion state surplus, the opportunity for bold bipartisan action has never been greater.<\/p>\n

Governor Evers and Wisconsin lawmakers have a chance to put Wisconsinites ahead of special interests by taking strong action in 2023 on income tax reform. The plays outlined in this playbook give them options for success.<\/p>\n","protected":false},"excerpt":{"rendered":"

This post originally appeared at https:\/\/reforminggovernment.org\/irg-releases-playbook-for-income-tax-relief-in-divided-government\/ Historic Tax Relief for Middle Class, Small Businesses Within…<\/p>\n","protected":false},"author":35,"featured_media":2900,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":["post-2898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-institute-for-reforming-government"],"_links":{"self":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/2898","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2898"}],"version-history":[{"count":2,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/2898\/revisions"}],"predecessor-version":[{"id":2901,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/2898\/revisions\/2901"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/media\/2900"}],"wp:attachment":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}