Income Tax Credits Paired with Numerous Tax Increases in Wisconsin Gov. Evers’ Budget

With the release of his first biennial budget, introduced as Senate Bill 59, Wisconsin’s new Governor Tony Evers (D) has proposed dozens of miscellaneous tax changes. While the budget  offers targeted income tax cuts for certain low- and middle-income taxpayers, these cuts are far outweighed by tax increases elsewhere, such as business taxes and excise taxes. Taken as a whole, these changes would make Wisconsin’s tax code more complex and less neutral, missing an opportunity to provide tax relief within the context of pro-growth structural reform. Individual Income Tax Changes The most notable of the proposed individual income tax changes is the creation of a credit to reduce tax liability for individuals making less than $100,000 and families making less than $150,000. This proposal comes as no surprise, as Gov. Evers campaigned on a 10 percent tax cut for taxpayers with income below those thresholds, but the budget provides new details about the…

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