Check this out: Gov. Evers just showed off his plans for a new $600M tax cut that includes a 10% cut to your income tax.
Here’s Five Fast Facts on the Tax Cut Plan:
- 🧾It’s a Plan, Man - High points in the plan include that income tax cut, a $35 cap to the cost of insulin, tax relief for low-income seniors, lower gas prices and a boost to the child tax credit.
- 💰Leftovers - Evers points to our growing budget surplus (now projected to hit $5B) as the source of funding.
- 💸Try, Try, Try, Try Again - Evers has proposed larger plans three times before, with the latest including a $150 rebate. Republican lawmakers rejected all of them.
- 🫰Save it For Later - Republicans argue that the money should be used in the future for statewide tax breaks and claim the plan is just a re-election gimmick.
- 🖊️Working Together - Evers did sign off on the 2021 budget that included some smaller tax cuts. It was heavily re-written by Republican lawmakers and relied on the budget surplus which was estimated at $2B at that time. Evers’ original draft would have raised taxes on manufacturers and the wealthy by more than $1B.
🔥Bottom line: There’s a lot of money piling up and most of it (if not all) came out of our pockets. But it seems that no one can agree on how it should get used. The timing of this announcement does seem a bit suspicious, but that’s politics for you. In the end, all you need to do is look at past history and realize the cuts aren’t going to happen anyway.
What do you think of the plan?
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