MADISON, WI -- Rep. Sapik and Legislative Republicans have introduced a package of bills to support working-class families in Wisconsin. The package includes a tax cut plan to reduce the tax burden on middle-class earners, retirees, and married filers. This package of bills was heard in front of the Joint Finance Committee. The tax cut plan includes the following proposals:
- AB 1020/SB977: The state's second income tax bracket to include single earners making up to $112,500 and joint earners making up to $150,000. The current bracket has a 4.4% tax rate and includes single earners between $14,320 and $28,640 and joint earners between $19,090 and $38,190.
- AB 1021/SB978: Exempts retirees from paying state income taxes on the first $75,000 of their retirement income for single taxpayers and the first $150,000 for joint filers.
- AB 1023/SB976: Increases the size of the state child and dependent care tax credit to 100% of the federal credit. The current credit is 50% of the federal childcare tax credit.
"We are proud to introduce this comprehensive tax relief plan that will benefit millions of Wisconsin families, seniors and return their own money," said Rep. Sapik. "Our plan would lower income taxes for every bracket, with the most considerable savings going to the middle class. It would also expand the tax exemption for retirement income, create a childcare tax credit, and reduce property taxes. These measures would make Wisconsin more affordable and attractive for people to live, work, and retire."
For more information, please contact Rep. Sapik's office at Rep.Sapik@legis.wisconsin.gov or 888-534-0073.
Last Update: Feb 02, 2024 10:57 am CST
