{"id":4292,"date":"2023-07-18T19:20:47","date_gmt":"2023-07-18T19:20:47","guid":{"rendered":"https:\/\/wifamily.news\/?p=4292"},"modified":"2023-07-18T20:08:07","modified_gmt":"2023-07-18T20:08:07","slug":"lawmakers-pitch-tax-free-retirement-in-wisconsin","status":"publish","type":"post","link":"https:\/\/wifamily.news\/?p=4292","title":{"rendered":"Lawmakers Pitch Tax-free Retirement in Wisconsin"},"content":{"rendered":"<p>This post originally appeared at <a href=\"https:\/\/www.wisconsinrightnow.com\/lawmakers-pitch-tax-free-retirement-in-wisconsin\/\">https:\/\/www.wisconsinrightnow.com\/lawmakers-pitch-tax-free-retirement-in-wisconsin\/<\/a><\/p>\n<p><img decoding=\"async\" width=\"1200\" height=\"675\" src=\"https:\/\/wifamily.news\/wp-content\/uploads\/2023\/04\/wisconsin-charter-schools.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Wisconsin Flat Tax Wisconsin&#039;s Social Security wisconsin charter schools\" loading=\"lazy\" title=\"Ronna McDaniel\" \/><\/p>\n<p>There\u2019s a new plan at the Wisconsin Capitol to try and keep more retirees in the state.<\/p>\n<p>State Rep. David Steffen, R-Howard,\u00a0 and state Sen. Rachael Cabral Guevara, R-Appleton, on Monday introduced legislation that would exempt the first $100,000 of retirement income for people 67 or older, and the first $150,000 for married couples.<\/p>\n<p>\u201cWhen our residents reach retirement age, they are faced with the impossible decision \u2013 do I stay in my home state with all the relationships and connections I\u2019ve spent a lifetime building, or do I relocate to another state where I can afford to live out the retirement I\u2019ve worked so hard for?,\u201d Steffen said. \u201cThey shouldn\u2019t have to choose. The bottom line is, we know the value our retirees bring to our families, communities and economy.\u201d<\/p>\n<p>Many states don\u2019t tax retirement income in one shape or form.<\/p>\n<p>Wisconsin currently doesn\u2019t tax Social Security and military earnings for retirees, but the new proposal would go further.<\/p>\n<p>\u201cRetirement income and savings is something that impacts folks for years after they retire. This is then reflected by how much people spend at restaurants, on housing, and in their community,\u201d Cabral-Guevara said. \u201cBy keeping these retirees in Wisconsin, we will see an economic benefit. As I\u2019ve said\u00a0 in the past, I trust hardworking Wisconsinites to spend their money more wisely than the government.\u201d<\/p>\n<p>Two of Wisconsin\u2019s neighbors, Illinois and Iowa explicitly do not tax retirement income such as IRAs, 401(k) plans or pensions.<\/p>\n<p>Wisconsin\u2019s Legislative Fiscal Bureau figures that Steffen\u2019s and Cabral Guevara\u2019s new exemptions would almost entirely eliminate the income tax burden for retirees here in Wisconsin.<\/p>\n<p>The legislation is out for co-sponsorship currently, Steffen and Cabral Guevara say it will likely get a hearing later this fall.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This post originally appeared at https:\/\/www.wisconsinrightnow.com\/lawmakers-pitch-tax-free-retirement-in-wisconsin\/ There\u2019s a new plan at the Wisconsin Capitol to&#8230;<\/p>\n","protected":false},"author":70,"featured_media":2164,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-4292","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wi-right-now"],"_links":{"self":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/4292","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\/70"}],"replies":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4292"}],"version-history":[{"count":2,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/4292\/revisions"}],"predecessor-version":[{"id":4294,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/4292\/revisions\/4294"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/media\/2164"}],"wp:attachment":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}