Representing the 35th Assembly District
A guest column by Rep. Calvin Callahan
Wisconsin State Assembly
Returning your money
Earlier this summer, my legislative Republican colleagues and I proposed a historic tax cut targeted at the middle class, which included $4.4 billion in savings for Wisconsin taxpayers. The people of Wisconsin know how to spend their own money better than bureaucrats in Madison. The proposal would have targeted middle-class earners, saving the average taxpayer $537, and bringing our top rate down to be closer to that of neighboring states.
Governor Evers did not approve of this, unfortunately. He had, after all, proposed a $2 billion tax increase earlier in the year. When the budget was all said and done, his vetoes left individual filers in Wisconsin with a maximum possible tax cut of $40, and he instead chose to exponentially increase spending for the next 400 years. As I said at the time, the Governor chose petty political games over fiscal responsibility and the economic needs of everyday Wisconsinites.
To right this wrong, my legislative Republican colleagues and I are re-introducing much of the middle-class tax cut that Governor Evers vetoed. We are decreasing the third tax bracket rate from 5.3% to 4.4%. This includes income earned between $27,630 and $304,170 for single filers and $36,840 and $405,550 for married-joint filers. This will result in an average decrease of $772. Not only that, but we are introducing tax-free retirement, which is something that many other states already provide in some form. Wisconsin residents who are at least 67 will qualify for an income tax exemption on their retirement accounts, up to $100,000 for single filers and $150,000 for married-joint filers. These are overdue changes that will benefit everyday Wisconsinites and make our state attractive to new and current residents. I look forward to voting for this legislation soon, and I hope to see the Governor do the right thing.