Governor Evers Vetoes Republican Tax Cuts
Tuesday, March 5th, 2024 -- 1:01 PM
(Rich Kremer, Wisconsin Public Radio) Gov. Tony Evers has vetoed the bulk of a Republican tax cut package that would have expanded a state income tax bracket, exempted retiree income from state taxes and increased a tax credit for married couples.
According to Rich Kremer with Wisconsin Public Radio, in a statement, Evers said that while he has “been proud to sign several income tax cuts” during his time in office, the latest GOP bills would have “sent Wisconsin on a path toward insolvency.”
“When we deliver tax relief for the people of Wisconsin, just as we have, it should be real relief aimed at helping Wisconsin’s working families afford rising costs, and it should be responsible and sustainable, ensuring we can keep taxes low now and into the future without causing devastating cuts to priorities like public schools and public safety down the road,” Evers said. “Republican members of the Wisconsin State Legislature today once again fail to balance these important obligations.”
Evers also claimed the GOP tax bills could have resulted in the state repaying “billions of dollars in federal relief funds” received under the federal American Rescue Plan Act stimulus of 2021, though his office did not immediately share details on why. The bills vetoed by Evers would have cut state taxes in a few different ways.
The largest of the GOP tax cuts would have expanded Wisconsin’s second lowest income tax bracket to cover individuals making up to $112,500 and married couples earning up to $150,000.
Currently, the bracket covers individuals earning between $14,320 and $28,640 and married couples making between $19,090 and $38,190. The tax rate for people getting the cut would have gone from 5.3 percent down to 4.4 percent.
The second-largest plan would have cut taxes on retirees 65 and older by excluding the first $75,000 of retirement income subject to taxes. For married couples, the bill would exempt the first $150,000.
The average cut would have been $1,582. Another plan would have increased an existing tax credit for married couples from $480 to $870.
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