By law, one-half of the money $400++ million) goes into Wisconsin's 'Rainy Day' fund, bringing that to over $1 Billion in reserves.
...Assembly Republicans’ plan includes $214.5 million in individual income tax relief, $44.7 million in new exemptions for personal property, and an additional $100 million debt service payment. These changes would all apply to taxes in 2020.Paying off $100 million in debt is a nice touch.
The income tax cut will occur through increasing standard deductions. The deduction for “married joint” filers will go from $20,470 to $23,170 (for incomes under $144,670), for “individual” filers from $11,050 to $12,510 (for incomes under $120,361), for “head-of-household” filers from $14,280 to $16,170 (for incomes less than $54,504) and for “married separate” filers from $9,720 to $11,000 (for incomes less than $68,684). The average filer would see a $105 reduction in their income taxes for 2020, and $300 when combined with other tax cuts in the current budget....
Can't wait for