On Aug. 29, Director of Tax, Transportation, and Legal Affairs Evan Umpir testified in favor of Assembly Bill 386. The bill proposes to lower Wisconsin’s third individual income tax bracket rate from 5.3% to 4.4% (for individuals making between $15,520 – $280,950) and makes tax-free certain qualified requirement income for individuals over 67 years old up to $100,000 ($150,000 married filing jointly or separately). AB 386 is one of two items in an Assembly Republican tax policy package unveiled on Tuesday. In July, Governor Evers partially vetoed a $3.5 billion dollar tax cut affecting all tax bracket rates – most importantly the proposed budget would have lowered the top individual rate from 7.65% to 6.50%, but this portion of the tax cut was vetoed. The second item in the Assembly Republican tax package is first consideration of a constitutional amendment that would require a 2/3 supermajority vote in each chamber to increase income, franchise, or sales taxes (Assembly Joint Resolution 66). Umpir testified that WMC would like to see the top income tax bracket lowered as well, but, “understanding the political climate and, for sure, likely dooming this bill were that to be included here, I still view this bill and support this as a step in the right direction because of its impact it would have on the workforce and their decisions.”
WMC Supports Lowering Income Tax Rates
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