Sunday, February 16, 2020

How About Less Taxes, Wisconsin??

Since the State of Wisconsin expects $800+ MILLION in excess tax-take this year, the Assembly Republicans think State taxpayers should pay less in taxes.

By law, one-half of the money $400++ million) goes into Wisconsin's 'Rainy Day' fund, bringing that to over $1 Billion in reserves.

The rest??

...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.

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....
Paying off $100 million in debt is a nice touch.

Can't wait for Tokin'Tony Maggie Gau to veto this.  

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