(The Center Square) – Assembly Speaker Robin Vos on Tuesday outlined a new $2.9 million tax cut plan.
The Rochester Republican said Democratic Gov. Tony Evers needs “to fix his veto mistake and sign this middle-class tax cut.”
The state budget in July was without a $3.5 billion tax cut courtesy of Evers’ veto.
As proposed, the “Returning Your Surplus” would lower Wisconsin’s second highest personal income tax rate from from 5.3% to 4.4%. That would mean a tax cut for married couples making between $36,840 and $405,550 a-year.
“The average taxpayer is expected to see a reduction of $772 in taxes,” said Rep. Tyler August, R-Lake Geneva. “Our current surplus is the result of the taxpayers paying too much, rather than the government spending too little. Our goal is to get the surplus out of Madison and back into the pockets of its rightful owners: the taxpayers.”
Evers said the first proposal didn’t do enough for middle class families. He signed a small tax cut for people making less than $27,630.
It’s unknown if he’ll veto the new proposal.
Rep. John Macco, R-Ledgeview, said the governor should explain to Wisconsin taxpayers just what he plans to do.
“This is your money that the government took too much of, and it’s only fair that it is given back to you,” Macco said. “We 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.”
The Republican plan would also end the state’s income tax on the first $150,000 of retirement income in the state.
Vos said the tax cut plan will get a hearing later this week, with the goal of voting on the package next week, and sending it off to Evers after that.
