Evers Enacts A Smaller Tax Cut

Good news Wisconsin: Gov. Evers just signed a new tax cut into law! It lowers taxes an average of $3 a month starting in 2024. We didn’t miss any decimals or zeros. That’s straight up $3 a month, or $36 a year. That’s… um… interesting. 🤷

Here’s Five Fast Facts about the New Wisconsin Tax Cut:

1. 🪫 Low Low - The average tax cut is $36 or just under 1% of total net tax owed. The Republican plan would have cut an average of $573 or just over 15%.
2. ✋ But Wait - Those numbers are deceiving, in part because the Republican proposal would have reduced tax brackets from four to three, giving the ultra wealthy the same percentage of a tax cut to those who were already in that third bracket.
3. 📉 Bottom Floor - The leftover $175M in tax cuts over the next two years will go to the lowest two tax rates, paid by households that make less than $36,840 a year or single filers who make less than $27,630.
4. ⚖️ Balance - In total, the tax cut was lowered from $3.5B to $175M and eliminated the lower rates for the top two earning brackets.
5. 🏫 Class Dismissed - The money from those cuts was shifted to public schools, increasing the revenue they can raise per student by $325.

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🔥Bottom line: At first that $3 a month can seem like an insult until you realize it was done to stop the wealthiest Wisconsinites from getting substantially unequal (and lower) tax cuts. After all, why should they pay more than us? The schools are the big winner here, getting much needed funding.

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What do you think of these cuts?

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