![]() ![]() ![]() "This approach would deliver the greatest benefits to higher-income earners, who pay higher rates on their additional taxable income as they progress through each of the state’s four brackets," the report said.Įvers' plan includes a 10 percent state income tax cut for the middle class. Senate Majority Leader Devin LeMahieu, right, listens during floor debate Wednesday, June 9, 2021, at the Wisconsin State Capitol in Madison, Wis. The wealthiest residents - those individuals who earn more than $280,950 - pay a 7.65 percent tax rate. For Senate Majority Leader Devin LeMahieu's flat tax plan, the average tax cut for those who make more than $1 million in adjusted gross income would be more than six times as great as for any other income group.Ĭurrently, Wisconsin taxes income at four different rates depending on how much people earn. The average tax increase for that group under Evers' plan would be more than 20 times as large as the change for any other income group, the analysis found. "They have this one similarity, and that is of focus on a lot of their changes on people at the very upper income levels," Stein said. ![]() "In goals and approach, the two proposals diverge as far as almost any two major tax proposals in memory at the Wisconsin Capitol," the Wisconsin Policy Forum report said.Įven so, both proposals would have major effects on Wisconsinites who make more than $1 million in adjusted gross income, according to Jason Stein, the author of the report. The Wisconsin Policy Forum has said that lower income earners would benefit more from Evers' proposal while a flat tax would likely yield more benefits for those with higher incomes. 15, 2023, at the Wisconsin State Capitol in Madison, Wis. Tony Evers delivers the biennial budget message Wednesday, Feb. ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |