Assembly Republicans today unveiled their plan to return $2.9 billion to Wisconsin taxpayers, with the average filer seeing $772 in savings. The Assembly GOP also proposed a constitutional amendment that would limit the legislature’s ability to raise sales, income, and franchise taxes in the future.
Rep. Cindi Duchow (R-Delafield), is a coauthor of both pieces of legislation. “Government continues to pickpocket Wisconsinites earnings through taxes, inflation, and regulation,” said Rep. Duchow. “The $2.9 billion surplus is not because government spent less, but because it taxed too much even though our state received billions in inflationary federal stimulus dollars.”
The “Returning Your Surplus” legislation exempts up to $150,000 in retirement account income for joint filers, and reduces the middle-income tax rate from 5.3% to 4.4%.
“People on a fixed income, like retirees, are often the most vulnerable to tax increases,” said Rep. Duchow. “Keeping money in their wallets will help them enjoy life comfortably instead of worrying about their next meal, medication, or staying in their home.”
The “Returning Your Surplus” proposal will receive a public hearing before going to the Assembly floor for a vote.