In the wake of Governor Tony Evers’ 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.
Conservative lawmakers said the plan to tap into the state’s projected $4 billion budget surplus is a “second chance” for the liberal governor to “do the right thing” and return overpaid tax dollars back to Wisconsin’s taxpayers.
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Taking a page from a Florida plan to bring tax relief to families, two Badger State Republican legislators are pushing a bill that would create a sales tax exemption on baby-related products.
State Representative David Steffen (R-Howard) and State Senator Jesse James (R-Altoona) recently introduced the “Tiny Tot Tax Cut” to help fight inflation where it can hurt families the most.
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Senate Majority Leader Devin LeMahieu (R-Oostburg) and state Representative Rob Brooks (R-Saukville) are set to introduce a tax reform proposal this week that would ultimately phase in a 3.25 percent flat income tax rate by tax year 2026. The measure would make Wisconsin part of a recent “flat tax revolution”, according to a national tax expert.
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According to a new prediction from the Legislative Fiscal Bureau, Wisconsin’s projected budget balance will be approximately $2.9 billion higher than initially forecasted.
The funds, which are a result of unexpected tax revenue and coronavirus relief funds from the federal government, will force leaders to decide what to do with the additional funds.
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