{"id":5260,"date":"2023-08-29T23:31:58","date_gmt":"2023-08-29T23:31:58","guid":{"rendered":"https:\/\/wifamily.news\/?p=5260"},"modified":"2023-08-30T00:10:18","modified_gmt":"2023-08-30T00:10:18","slug":"wisconsin-republicans-unveil-tax-cut-plan-to-save-average-filer-772-a-year","status":"publish","type":"post","link":"https:\/\/wifamily.news\/?p=5260","title":{"rendered":"Wisconsin Republicans Unveil Tax Cut Plan to Save Average Filer $772 a Year"},"content":{"rendered":"

This post originally appeared at https:\/\/www.wisconsinrightnow.com\/wisconsin-republicans-tax-cut-plan\/<\/a><\/p>\n

\"tax<\/p>\n

\u201cIt\u2019s time for Governor Evers to fix his veto mistake and sign this middle-class tax cut\u201d \u2013 Assembly Speaker Robin Vos<\/strong><\/em><\/p>\n

Speaker Robin Vos (R-Rochester) and Assembly Republicans announced the \u201cReturning Your Surplus\u201d proposal on Tuesday, saying it would \u201cdeliver major tax relief for Wisconsin\u2019s middle-class earners and retirees. The proposal is expected to cut the state\u2019s tax burden by nearly $3 billion, with an average filer seeing a savings of $772 a year.\u201d<\/p>\n

\u201cWith today\u2019s crippling inflationary pressures, people have to dig deeper into their pockets,\u201d Vos said in a press release. \u201cLegislative Republicans are making good on our promise to return those dollars back to the hardworking people of Wisconsin.\u201d<\/p>\n

The \u201cReturning Your Surplus\u201d legislation \u201cincludes the creation of a Tax-Free Retirement as well as a middle-class tax cut to provide widespread relief,\u201d a news release from Vos states. \u201cIn addition to exempting up to $150,000 in retirement account income for joint filers, this legislation would reduce the middle-income tax rate from 5.3% to 4.4%, helping the typical Wisconsin family, which makes an average of $67,000 a year.\u201d<\/p>\n

The release notes, \u201cThe proposal will next receive a public hearing before becoming available for consideration by the full Assembly.\u201d<\/p>\n

According to the AP,<\/a> Evers has not commented on whether he will veto the income tax cut \u2013 again. The retirement savings are a new proposal. However, his spokeswoman Britt Cudaback tweeted a quote from a study that read, \u201cState tax levels have little effect on whether and where people move \u2014 certainly not to a degree that should lead state policymakers to enact.\u201d She also called it a \u201creckless tax plan.\u201d<\/p>\n

State Rep. Rick Gundrum (R-Slinger) said in a news release that Wisconsinites \u201care suffering from the pressures of inflation and a high tax burden in our state. This has made it challenging for many of Wisconsin\u2019s families to afford everyday expenses.
\nThat\u2019s why I am working with my Republican colleagues on legislation to return our state\u2019s surplus back to our middle class and fixed-income retirees.\u201d<\/p>\n

He added: \u201cThe tax relief package will reduce Wisconsin\u2019s tax burden by $2.9 billion and save the average filer $772 each tax year. The middle-income tax rate will decrease from 5.3% to 4.4%. The average Wisconsin family makes $67,000 per year and lowering the income tax rate in the third bracket will help them make ends meet.\u201d<\/p>\n

According to Gundrum: \u201cWe are also supporting retirees by exempting up to $100,000 in retirement account income for single filers and $150,000 for joint filers. Under this proposal, Wisconsin residents who are 67 years of age or older will qualify for an income tax exemption on their retirement accounts. This will provide our retirees with meaningful savings to help cope with their rising costs.\u201d<\/p>\n

He added, \u201cI am proud to support this tax relief plan for Wisconsinites. We must help them against inflation
\nright now.\u201d<\/p>\n

Assembly Majority Leader Tyler August (R-Lake Geneva) released the following statement on the GOP plan to reduce taxes in Wisconsin:<\/p>\n

\u201cNow that the state budget has been finalized and our priorities have been funded, the focus will be on what to do with the billions in surplus that still remain,\u201d he said. \u201cOur current surplus is the result of the taxpayers paying too much, rather than the government spending too little. Our goal is to get the surplus out of Madison and back into the pockets of its rightful owners: the taxpayers.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

This post originally appeared at https:\/\/www.wisconsinrightnow.com\/wisconsin-republicans-tax-cut-plan\/ \u201cIt\u2019s time for Governor Evers to fix his veto…<\/p>\n","protected":false},"author":58,"featured_media":5262,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-5260","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\/5260","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\/58"}],"replies":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5260"}],"version-history":[{"count":2,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/5260\/revisions"}],"predecessor-version":[{"id":5263,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/5260\/revisions\/5263"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/media\/5262"}],"wp:attachment":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}