The following article featuring IRG’s CJ Szafir was published by Forbes on Saturday, June 24 2023.
(Forbes) – Wisconsin Lawmakers Unveil Plan To Cut Income Tax Rates, Democratic Governor Dumps On It
(Forbes) – Wisconsin Republicans, who hold a supermajority in the state senate and a near-supermajority in the state assembly, ended the first week of summer by unveiling the tax relief plan they intend to send to Governor Tony Evers’ (D) desk. That proposal, which was announced at a press conference held on the afternoon of June 22, would reduce the rate for each of Wisconsin’s four income tax brackets.
The tax package introduced by Wisconsin Republicans on June 22 would cut the state’s top income tax rate from 7.65% to 6.5%, reduce the second highest rate from 5.3% to 4.4%, cut the 4.65% rate to 4.4%, and bring the bottom tax rate from 3.54% down to 3.5%. If enacted, the plan would result in a $3.5 billion tax cut for Wisconsin residents over the next two years. Supporters are highlighting the ways this proposal would provide relief to taxpayers and make Wisconsin more economically competitive.
“Bold income tax reform is the single biggest reform lawmakers can enact this year to help Wisconsin families and workers succeed,” CJ Szafir CEO of the Institute for Reforming Government (IRG), said in a statement. “This plan increases take home pay for all, will help drive investment in the economy, and helps small employers.”
Read the full article here.