GOP Pushes for Income Tax Cuts in Wisconsin Despite Opposition from Democrats

0
Join For Personal Benefits News

GOP lawmakers in Wisconsin are continuing their push to cut income taxes for all earners despite opposition from Democratic Governor Tony Evers and even some fellow Republicans.

U.S. House GOP
U.S. House GOP ( Photo: AP News )

GOP pushes for income tax cuts for all income earners in Wisconsin, despite bipartisan opposition

Senate Majority Leader Devin LeMahieu testified in favor of his plan for a flat tax rate but has faced criticism from Evers, who is advocating for targeted tax cuts for low- and middle-income earners. LeMahieu believes there is enough support to pass the first two years of his plan, which would lower taxes for all brackets, but would not fully implement a flat rate.

The disagreement over tax cuts has left negotiations ongoing as lawmakers consider how to spend some of the state’s $7 billion projected budget surplus. While Democrats are opposed to the flat tax proposal, Republicans continue to pursue alternatives to cut taxes.

Assembly Republicans introduced a tax cut proposal that seeks to find a middle ground between the Evers and LeMahieu plans

The bill would cut rates for the state’s four income tax brackets over several years, ultimately resulting in no taxes for the lowest earners and 4.5% for everyone else. If passed, the plan would reduce state tax collections by about $3.5 billion a year once fully implemented.

Republicans are aiming to include the tax cut proposals in the two-year state budget, which the Legislature is expected to pass in June, with the budget taking effect in July. Wisconsin’s total tax burden is at its lowest point in over 50 years, and while Wisconsin income tax rates have declined more for higher income earners than for those with lower incomes when compared to national averages, rates in Wisconsin are higher for higher incomes and lower for lower incomes.

 

READ ALSO: The Highest Tax Burden: Check The List Here!

Leave A Reply

Your email address will not be published.

where can i buy metformin over the counter buy metformin online
buy metronidazole online