Madison, WI — This morning, Assembly Republicans announced the “Returning Your Surplus” tax relief proposal. This proposal will return taxpayer dollars back to middle-class Wisconsinites and provide tax relief for retirees. The “Returning Your Surplus” package will deliver $2.9 billion back to taxpayers. State Representative Alex Dallman (R-Green Lake) released the following statement:
“Governor Evers showed his true colors by vetoing a tax cut for middle-class Wisconsinites in the 2023-2025 state budget. Assembly Republicans are giving him a second chance to return money back to the taxpayers. With inflation at an all-time high, Wisconsinites deserve to have the state’s surplus returned back to them. We know that taxpayers are better at spending their money and do not need the government to do that for them” said Rep. Dallman.
The “Returning Your Surplus” proposal will:
· Eliminate tax on retirement income (including 401(k), pension, or IRA) for most retirees who have reached the age of 67 earning $100,000 for single filers and $150,000 for joint filers from qualified retirement plans.
· Reduce the middle-income tax rate from 5.3% to 4.4%, saving the average filer $772.
“I believe Wisconsin taxpayers deserve to keep more of their hard-earned money in their pockets,” said Rep. Dallman, “which is why I am proud to support the ‘Returning Your Surplus’ legislation.”
