{"id":5353,"date":"2023-09-01T15:27:40","date_gmt":"2023-09-01T15:27:40","guid":{"rendered":"https:\/\/wifamily.news\/?p=5353"},"modified":"2023-09-01T15:40:00","modified_gmt":"2023-09-01T15:40:00","slug":"wmc-supports-lowering-income-tax-rates","status":"publish","type":"post","link":"https:\/\/wifamily.news\/?p=5353","title":{"rendered":"WMC Supports Lowering Income Tax Rates"},"content":{"rendered":"<p>This post originally appeared at <a href=\"https:\/\/www.wmc.org\/issues\/wmc-supports-lowering-income-tax-rates\/\">https:\/\/www.wmc.org\/issues\/wmc-supports-lowering-income-tax-rates\/<\/a><\/p>\n<p>On Aug. 29, Director of Tax, Transportation, and Legal Affairs Evan Umpir testified in favor of <span style=\"text-decoration: underline\"><a href=\"https:\/\/docs.legis.wisconsin.gov\/2023\/related\/proposals\/ab386.pdf\" target=\"_blank\" rel=\"noopener\">Assembly Bill 386<\/a><\/span>.\u00a0The bill proposes to lower Wisconsin\u2019s third individual income tax bracket rate from 5.3% to 4.4% (for individuals making between $15,520 \u2013 $280,950) and makes tax-free certain qualified requirement income for individuals over 67 years old up to $100,000 ($150,000 married filing jointly or separately).\u00a0AB 386 is one of two items in an Assembly Republican tax policy package unveiled on Tuesday.\u00a0In July, Governor Evers <span style=\"text-decoration: underline\"><a href=\"https:\/\/www.wmc.org\/press-releases\/gov-evers-vetoes-middle-class-small-business-tax-cuts\/\" target=\"_blank\" rel=\"noopener\">partially vetoed a $3.5 billion dollar tax cut<\/a><\/span> affecting all tax bracket rates \u2013 most importantly the proposed budget would have lowered the top individual rate from 7.65% to 6.50%, but this portion of the tax cut was vetoed.\u00a0The second item in the Assembly Republican tax package is first consideration of a constitutional amendment that would require a 2\/3 supermajority vote in each chamber to increase income, franchise, or sales taxes (<span style=\"text-decoration: underline\"><a href=\"https:\/\/docs.legis.wisconsin.gov\/2023\/related\/proposals\/ajr66.pdf\" target=\"_blank\" rel=\"noopener\">Assembly Joint Resolution 66<\/a><\/span>).\u00a0Umpir testified that WMC would like to see the top income tax bracket lowered as well, but, \u201cunderstanding the political climate and, for sure, likely dooming this bill were that to be included here, I still view this bill and support this as a step in the right direction because of its impact it would have on the workforce and their decisions.\u201d<\/p>\n<p><span style=\"text-decoration: underline\"><a href=\"https:\/\/media.wmc.org\/wp-content\/uploads\/2023\/08\/31170539\/Testimony_AB-386_ASM-Tax-Package_2023.08.30.pdf\" target=\"_blank\" rel=\"noopener\" data-link-type=\"web\">Click here to read WMC\u2019s testimony. <\/a><\/span><\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/www.wmc.org\/issues\/wmc-supports-lowering-income-tax-rates\/\">WMC Supports Lowering Income Tax Rates<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/www.wmc.org\">WMC Wisconsin&#8217;s Chamber <\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This post originally appeared at https:\/\/www.wmc.org\/issues\/wmc-supports-lowering-income-tax-rates\/ On Aug. 29, Director of Tax, Transportation, and Legal&#8230;<\/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-5353","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\/5353","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=5353"}],"version-history":[{"count":1,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/5353\/revisions"}],"predecessor-version":[{"id":5354,"href":"https:\/\/wifamily.news\/index.php?rest_route=\/wp\/v2\/posts\/5353\/revisions\/5354"}],"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=5353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wifamily.news\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}