{"id":5318,"date":"2023-08-31T05:03:28","date_gmt":"2023-08-31T05:03:28","guid":{"rendered":"https:\/\/wifamily.news\/?p=5318"},"modified":"2023-08-31T05:07:01","modified_gmt":"2023-08-31T05:07:01","slug":"wisconsin-assembly-republicans-roll-out-nearly-3-billion-tax-cut-plan","status":"publish","type":"post","link":"https:\/\/wifamily.news\/?p=5318","title":{"rendered":"Wisconsin Assembly Republicans Roll Out Nearly $3 Billion Tax Cut Plan"},"content":{"rendered":"

This post originally appeared at https:\/\/wisconsindailystar.com\/news\/wisconsin-assembly-republicans-roll-out-nearly-3-billion-tax-cut-plan\/mkittle\/2023\/08\/31\/<\/a><\/p>\n

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In the wake of Governor Tony Evers\u2019 gutting of a historic tax cut proposal earlier this summer, Republicans are pushing another plan they said would deliver nearly $3 billion in tax relief for retirees and the middle class.<\/p>\n

Conservative lawmakers said the plan to tap into the state\u2019s projected $4 billion budget surplus is a \u201csecond chance\u201d for the liberal governor to \u201cdo the right thing\u201d and return overpaid tax dollars back to Wisconsin\u2019s taxpayers.<\/p>\n

Assembly Bill 386 \u2014 known as the \u201cReturning Your Surplus\u201d bill \u2014 would lower the individual income tax rates in the Badger State\u2019s third tax bracket, according to the measure.<\/p>\n

About $1 billion in relief would go to Wisconsin\u2019s wide-ranging third-highest tax bracket, which would be trimmed from 5.3 percent to 4.4 percent. That bracket includes taxable income from $27,630 to $304,170 for individual filers and $36,840 to $405,550 for married couples filing jointly \u2014 the brunt of the state\u2019s middle-income earners.<\/p>\n

The legislation also would expand the retirement income subtraction<\/a> amount up to $100,000 from taxable income for individuals 67 and older. The maximum per couple would be $150,000.<\/p>\n

Currently, individuals 65 and older who receive income from a qualified retirement plan or an individual retirement account (IRA) may subtract up to $5,000 of such retirement benefits when computing their Wisconsin income tax.<\/p>\n

Republican lawmakers said the initiative is expected to alleviate the state\u2019s tax burden by more than $2.9 billion, with the average taxpayer saving $772 per year.<\/p>\n

Evers vetoed a similar tax cut in the new state biennial budget signed in July. He whittled down that $3.5 million relief package to $175 million, providing the average taxpayer with a scant $36 in tax breaks per year. The Democrats had other government programs in mind for the money.<\/p>\n

\u201cIn the wake of Governor Evers\u2019 disappointing veto of the middle-class tax cut we included in the state budget, we are introducing our new plan to return the surplus to the taxpayers of Wisconsin,\u201d said state Representative Jessie Rodriguez (R-Oak Creek) (pictured above, right).<\/p>\n

Evers has not said what he\u2019ll do with the latest Assembly proposal, but earlier this week, he said he would give Republicans \u201ca second chance to put working families first\u201d in passing expensive \u201caffordable child care and paid family leave, investing in higher education, and addressing our chronic workforce challenges.\u201d<\/p>\n

In short, he wants to use the surplus to fund expanded government programs. Evers wants to spend $1 billion of the surplus on the four initiatives. The same governor who used his powerful partial veto pen<\/a> to guarantee record public education spending increases for the next 400 years has said he\u2019d consider a tax cut \u2014 if Republicans give him the government initiatives he demands.<\/p>\n

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I’m giving the Legislature a second chance to put working families first by expanding affordable child care and paid family leave, investing in higher education, and addressing our chronic workforce challenges. We can’t afford to waste it. https:\/\/t.co\/pbeG3qSNWv<\/a><\/p>\n

\u2014 Governor Tony Evers (@GovEvers) August 29, 2023<\/a><\/p>\n<\/blockquote>\n

Republican lawmakers said they want to remind Evers that Wisconsin\u2019s record surplus doesn\u2019t belong to him or the Legislature; it belongs to the taxpayers.<\/p>\n

\u201cThe proposal introduced today will channel the state\u2019s surplus into a permanent reduction to Wisconsin\u2019s middle class tax bracket. This is your money that the government took too much of, and it\u2019s only fair that it is given back to you,\u201d said State Representative John Macco (R-Ledgeview), chairman of the Assembly\u2019s Ways and Means Committee, which held a hearing<\/a> on the bill on Wednesday. \u201cWe are also expanding income tax relief to Wisconsin retirees. No one who has worked their entire life in Wisconsin should be forced to move to another state because of our tax code.\u201d<\/p>\n

The bill could come up for a full Assembly vote in the next couple of weeks, lawmakers said.<\/p>\n

\u201cWith today\u2019s crippling inflationary pressures, people have to dig deeper into their pockets. Legislative Republicans are making good on our promise to return those dollars back to the hardworking people of Wisconsin,\u201d Assembly Speaker Robin Vos (R-Rochester). \u201cIt\u2019s time for Governor Evers to fix his veto mistake and sign this middle-class tax cut.\u201d<\/p>\n

\u2013 \u2013 \u2013<\/p>\n

M.D. Kittle is the National Political Editor for The Star News Network.
\n<\/strong>Photo \u201cTony Evers\u201d by Tony Evers.\u00a0<\/a><\/em><\/p>\n

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The post Wisconsin Assembly Republicans Roll Out Nearly $3 Billion Tax Cut Plan<\/a> appeared first on The Wisconsin Daily Star<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

This post originally appeared at https:\/\/wisconsindailystar.com\/news\/wisconsin-assembly-republicans-roll-out-nearly-3-billion-tax-cut-plan\/mkittle\/2023\/08\/31\/ In the wake of Governor Tony Evers\u2019 gutting of…<\/p>\n","protected":false},"author":77,"featured_media":3495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-5318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wi-daily-star"],"_links":{"self":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/5318","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\/77"}],"replies":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5318"}],"version-history":[{"count":1,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/5318\/revisions"}],"predecessor-version":[{"id":5319,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/5318\/revisions\/5319"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/media\/3495"}],"wp:attachment":[{"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}