MADISON – The state Assembly is set to vote next week on a $2.1 billion tax package that would significantly expand the state’s second-lowest tax bracket to include more than 1 million Wisconsin residents earning between $19,000 and $150,000 per year, but Gov. Tony Evers is noncommital on supporting it.
The Legislature’s Joint Finance Committee voted 11-4 along party lines on Wednesday to advance the four Republican bills, which were introduced late last month and are scheduled for an Assembly vote on Feb. 13.
The proposal would overhaul the state’s tax system by also exempting up to $75,000 of retirees’ income and expanding tax credits for married filers and for filers with children.
Altogether, the measures would cost $2.1 billion in the 2024-25 fiscal year and $1.4 billion every year afterward, according to a nonpartisan analysis from the Legislative Fiscal Bureau. The measures would reduce the state’s total income tax revenue by $2 billion per year in fiscal 2024-25 and $1.4 billion per year after that, according to the Legislative Fiscal Bureau.