MADISON, WI -- State Representative Gae Magnafici (R-Dresser) united with fellow Assembly Republicans today to unveil the “Returning Your Surplus” initiative, a landmark proposal designed to significantly ease the tax burden for Wisconsin’s middle-class families and retirees. The comprehensive package is poised to reduce statewide taxes by a staggering $2.9 billion, translating to an average saving of $772 for individual filers.
"In the face of mounting inflation and ever-increasing tax pressures, making ends meet has become a daunting challenge for Wisconsin residents," said Rep. Magnafici. "Thanks to our state's robust budget surplus, we're now uniquely positioned to provide substantial, lasting financial relief to our dedicated middle-class workers and retirees on fixed incomes."
Key Features of the “Returning Your Surplus” Proposal:
- Introduction of a Tax-Free Retirement Plan: This initiative would exempt up to $150,000 in retirement account income for couples filing jointly.
- Significant Middle-Class Tax Cut ($27,630 and $304,170): The legislation aims to slash the middle-income tax rate from the current 5.3% to 4.4%, putting more money back into the wallets of hardworking Wisconsinites.
"A typical family in Wisconsin earns around $67,000 annually. This proposal is a concrete step towards ensuring that our middle-class citizens can retain more of their hard-earned income," Rep. Magnafici emphasized. "An average saving of $772 per tax filer is not just a number—it's meaningful relief that can make a real difference in people's lives."
The “Returning Your Surplus” initiative is set to undergo a public hearing as the next step in the legislative process, before being opened up for deliberation by the full Assembly.