Thanks to the budget Republicans put together, your taxes will be going down instead of up. Before he tried to take credit for our tax cuts, Governor Evers tried to raise your taxes by more than $1 billion during a pandemic.
We turned the largest tax hike in state history into the largest tax cut in state history! Even with the Governor's vetoes that hurt small businesses, our plan reduces net taxes by $2,085,672,000!
Here's where you will be seeing savings from our budget.
- The budget reduces the third individual income tax bracket from 6.27% to 5.30% beginning this year. That change will save Wisconsinites $2,013,500,00 individual income taxes.
- We also created a nonrefundable individual income tax credit for household and dependent care expenses. This is expected to save working families $9,800,000.
- To honor and help those that defend our freedoms, the budget exempts all federal income for active-duty military personnel. That will save our military families $40,400,000!
You can see why Governor Evers was so eager to take credit for these savings, but don't be fooled. Our budget funds our shared priorities like health care, schools, and infrastructure. We restored 2/3rds funding for public education and invested in health care workers, nursing homes, and caregivers. Republicans delivered a budget that is good for taxpayers, workers, and families.