WMC testified at hearings in both the Senate and Assembly on cutting income taxes in Wisconsin. Wisconsin currently has the 8th highest top marginal tax rate for pass-through businesses and is second only to Minnesota in the Midwest. Senate Bill (SB) 1, authored by Republican Majority Leader Devin LeMahieu (R-Oostberg) would establish a flat 3.25% individual income tax rate over a four-year period. WMC testified on this bill in the Senate Universities & Revenue Committee and on the impact of tax policy on Wisconsin business in the Assembly Committee on Ways & Means.
WMC supports SB 1 and other proposals to make Wisconsin’s tax climate more competitive in order to retain and attract workers and businesses, and boost the state’s economy. Data show that individuals move to low- and no-tax states. In 2022, the states that saw the most population growth were low-tax states. WMC’s Winter 2023 Survey asked “What is the one thing state government could do to improve Wisconsin’s business climate?” Thirty-four percent of respondents said “reduce taxes,” making it the top policy objective by a 2:1 margin over the second highest policy option.
Click here to read WMC’s testimony on SB 1.