{"id":3408,"date":"2023-06-12T16:54:27","date_gmt":"2023-06-12T16:54:27","guid":{"rendered":"https:\/\/wifamily.news\/?p=3408"},"modified":"2023-06-12T16:56:37","modified_gmt":"2023-06-12T16:56:37","slug":"two-minute-drill-income-tax-cut-would-spur-population-economic-growth","status":"publish","type":"post","link":"https:\/\/wifamily.news\/?p=3408","title":{"rendered":"Two-Minute Drill: Income Tax Cut Would Spur Population & Economic Growth"},"content":{"rendered":"

This post originally appeared at https:\/\/www.wmc.org\/press-releases\/two-minute-drill-income-tax-cut-would-spur-population-economic-growth\/<\/a><\/p>\n

MADISON<\/strong> \u2013 Wisconsin Manufacturers & Commerce (WMC) \u2013 the combined state chamber and manufacturers\u2019 association \u2013 released a new video<\/a><\/span> highlighting the benefits of significantly reducing and flattening the state\u2019s income tax.<\/p>\n

With the eighth highest individual income tax rate in the country \u2013 and one of the worst in the Midwest \u2013 Wisconsin is falling behind other states in the competition for both employers and workers.<\/p>\n

\u201cFrom 2010 to 2020, the top 10 states that had the largest percentage of 18-34 year-old population growth had an average 2023 tax rate of 2.3%,\u201d said WMC Director of Tax, Transportation & Legal Affairs Evan Umpir in WMC\u2019s latest Two Minute Drill video. \u201c[Wisconsin] must take steps to remain competitive and distinguish itself as a premier state to live, work and raise a family.\u201d<\/p>\n

A recent report<\/a><\/span> released by WMC Foundation notes that Wisconsin is not remaining competitive with other states, resulting in a demographic dilemma. According to the data, there are not enough people living in the state to fill available jobs and the size of the future workforce population is shrinking. To combat this unfortunate trend, the report details how low- or no-tax states are rapidly attracting workers and growing population \u2013 suggesting Wisconsin could use tax reform as a tool for talent attraction.<\/p>\n

Rusty Schieber, Vice President of Operations at Brakebush Brothers, Inc., argues that Wisconsin\u2019s high income tax rate handicaps the economy.<\/p>\n

\u201cIncome taxes simply take money out of your pocket,\u201d he explains in the video. \u201cIf you\u2019re a business, that\u2019s less money that can go into employee wages. It\u2019s less money that can go into employee benefits. It\u2019s less money that can go into capital expansion that can grow your company in future years.\u201d<\/p>\n

As other states continue to make significant and bold changes to their tax codes, Wisconsin cannot afford to sit on the sideline.<\/p>\n

\u201cIn order to remain competitive as a state, we have got to be paying attention to our competition,\u201d adds Schieber. \u201cWe need to continue to be a place that is driving economic development, incentivizing people to move into our state and decreasing incentives for people and businesses to leave our state.\u201d<\/p>\n

Click here to watch the full Two-Minute Drill video.<\/a><\/span><\/p>\n

###<\/p>\n

The post Two-Minute Drill: Income Tax Cut Would Spur Population & Economic Growth<\/a> appeared first on WMC Wisconsin’s Chamber <\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

This post originally appeared at https:\/\/www.wmc.org\/press-releases\/two-minute-drill-income-tax-cut-would-spur-population-economic-growth\/ MADISON \u2013 Wisconsin Manufacturers & Commerce (WMC) \u2013 the…<\/p>\n","protected":false},"author":2,"featured_media":440,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-3408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wmc"],"_links":{"self":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/3408","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3408"}],"version-history":[{"count":1,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/3408\/revisions"}],"predecessor-version":[{"id":3409,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/3408\/revisions\/3409"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/media\/440"}],"wp:attachment":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}