Wisconsin’s Senate has passed a $2B tax cut as part of a package that also includes targeting child care costs. It’s considerably different than the $1B proposal Gov. Evers put forward that focuses on child care and the workforce. What the heck is going on here?
Here’s Five Fast Facts on Wisconsin’s Proposed Tax Cut:
- 📉 Chop Chop - The Republican measure includes an income tax cut that would lower income taxes from 5.3% to 4.4% for individual income taxes between $27,630 and $304,170 and married couples between $18,420 and $405,550.
- ⛔ No Rebate For You - The measure also kills Evers’ proposal to send every taxpayer and dependent in the state a $200 rebate.
- 🧒 Private Math - The proposal also gives families sending their children to private school the ability to deduct more from taxes. The deductions would increase from $4,000 to $5,070 for elementary education and from $10,000 to $12,660 for a secondary school student.
- ✂️ Childless - The Republican plan also cuts off any budget money to the Child Care Counts program. That led Evers to direct $170M in federal pandemic relief money this week to keep the program running through June 2025.
- 💰 Not Gonna Do It - Evers is expected to veto the proposal when it reaches his desk, forcing another round of the legislative deadlock we’ve had to deal with over the past few years.
🔥Bottom line: Critics of the plan say this proposal benefits the wealthy, with some of it under the guise of it helping everyone. On the other hand, Evers’ proposal wasn’t perfect, either… At the end of the day, it’s clearly time for both sides of the aisle to find some common ground and work for all of us.
What do you think of this measure?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
