This week, Assembly Republicans held regional press conferences throughout the state to unveil the “Returning Your Surplus” proposal. It’s a plan for substantial tax relief that will benefit Wisconsin’s middle-class and retirees. The “Returning Your Surplus” proposal is expected to cut the state’s tax burden by nearly $3 billion, with an average filer seeing a savings of $772 a year.
Governor Evers vetoed 95% of the income tax portion of the recently passed state budget, which reduced income tax relief from $3.5 billion to $175 million. The average tax decrease went from $573 to $36, barely worth a tank of gas. With our new proposal, legislative Republicans are making good on our promise to return a majority of the vetoed surplus back to you, the hardworking people of Wisconsin.
The “Returning Your Surplus” legislation includes the creation of a Tax-Free Retirement, as well as a middle-class tax cut to provide widespread relief. In 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.
A Tax-Free Retirement is an important opportunity to stay competitive with our surrounding states and make sure Wisconsin is a great place to live, work, and retire. Under the proposal, about 98% of Wisconsin residents who pay income taxes on their retirement would now have it exempt.
Wisconsin residents are among the most highly taxed earners across the country. This, coupled with crushing inflationary pressures, has made affording everyday life a financial struggle. Current policies are effectively driving our hardworking residents out of the state. Our goal with this tax relief proposal is to keep people in Wisconsin, whether they are working or retired.
The proposal is expected to be on the Assembly floor in mid-September.
The Coolest Thing Made in Wisconsin
The Coolest Thing Made in Wisconsin contest is accepting nominations. This is the eighth annual competition, and any product that is manufactured in our state qualifies for the contest. You can make a nomination by clicking on the image above. Nominations are open through September 8th.
Upcoming Events
Calumet County Fair
September 1-4
Fox Jazz Fest
Jefferson Park, Menasha
September 2-3
Market on Main
Downtown Little Chute
September 9
Fox Cities Irish Fest
Jones Park, Appleton
September 15-16
