Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Leader of Wisconsin's Senate says GOP remains in favor of cutting income taxes across the board By: FOXNews.com April 25, 2023 at 12:44 PM EDT Republicans in Wisconsin remain in favor of cutting income taxes for all earners in the state. Democratic Gov. Tony Evers remains in opposition to the proposal. The leader of the Wisconsin Senate said Tuesday that Republicans who control the Legislature remain in favor of cutting income taxes for all income earners, even if there is not enough support for his plan that would phase in a flat tax rate.Senate Majority Leader Devin LeMahieu told reporters that he had no "line in the sand" of what he would support, but wanted to pass something that would lower rates for everyone. LeMahieu said he thought there was enough support to pass the first two years of his plan, which cuts taxes for all brackets but does not fully implement a flat rate."Generally, both caucuses are supportive of reducing all taxes," LeMahieu said of Senate and Assembly Republicans after testifying in support of his flat tax plan.That proposal has run into bipartisan opposition, with Gov. Tony Evers and Democrats firmly against it and even other top Republicans, including Assembly Speaker Robin Vos, saying it's not going to happen this year.Both sides are in agreement that some of the state’s record-high $7 billion projected budget surplus should be tapped to cut taxes. They have yet to coalesce around what that would look like.Evers is pushing for tax cuts targeting low- and middle-income earners, while Republicans who control the Legislature are eyeing other alternatives. Democrats generally oppose the flat tax because it would result in much higher tax cuts for wealthy people.WISCONSIN ASSEMBLY SET TO VOTE ON BILL THAT WOULD LIMIT UNEMPLOYMENT AIDVos said last week that talks were ongoing. It's expected to be a major piece of the two-year state budget that the Legislature will likely pass sometime in June and that takes effect in July.LeMahieu on Tuesday called his flat tax measure a "once-in-a-lifetime opportunity" to make generational tax reform given the state’s high surplus."This will make Wisconsin more competitive, more affordable and stronger," LeMahieu testified before the Senate revenue committee.Wisconsin’s total tax burden, which is total taxes measured as a share of personal income, fell to its lowest point in more than 50 years in 2022, according to the Wisconsin Policy Forum. However, the state’s average income tax rates are more favorable to high- and middle-income residents and worse for those with lower incomes, the Wisconsin Policy Forum reported last year.LeMahieu set the marker for Republicans with the most conservative tax cut proposal. It would do away with Wisconsin's progressive income tax and replace it with a flat 3.25% rate by 2026. That would cost the state nearly $5 billion in lost tax revenue over the next two years.For taxpayers, the average tax decrease would be $4,415 over the four-year phase-in period and about $1,800 a year after that, according to the nonpartisan Legislative Fiscal Bureau.WISCONSIN PARENTS OUTRAGED AFTER TEACHER GIVES TRANSGENDER LESSON TO K-5TH GRADE WITHOUT PERMISSIONThat bill, along with one doing away with a tax that businesses pay on furnishings and equipment, were both heard by the Senate revenue committee on Tuesday. Evers and Republicans have both supported doing away with that personal property tax, but haven't agreed on exactly how to do it.Evers' budget proposal included a 10% income tax cut for individuals making $100,000 or less a year and married filers making $150,000 or less. His plan also calls for increasing capital gains taxes and limiting how much companies can claim in manufacturing and agriculture tax credits.His plan would also cap copays for insulin at $35, repeal the state’s minimum markup law in an attempt to lower gas prices, cut taxes for seniors on fixed incomes, expand property tax relief for veterans with disabilities, and attempt to lower the cost of caregiving and child care.Republicans are expected to scrap all of those proposals.Last week, a pair of Assembly Republicans introduced another tax cut proposal that attempts to strike a middle ground between the Evers and LeMahieu plans. That bill would cut rates for the state’s four income tax brackets over several years, ultimately resulting in no taxes for the lowest earners and 4.5% for everyone else.That plan is expected to reduce state tax collections by about $3.5 billion a year once fully implemented.The last state budget, passed by the Republican Legislature and signed by Evers, cut income taxes by more than $1 billion. Related Stocks: Fancamp Exploration Ltd Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Leader of Wisconsin's Senate says GOP remains in favor of cutting income taxes across the board By: FOXNews.com April 25, 2023 at 12:44 PM EDT Republicans in Wisconsin remain in favor of cutting income taxes for all earners in the state. Democratic Gov. Tony Evers remains in opposition to the proposal. The leader of the Wisconsin Senate said Tuesday that Republicans who control the Legislature remain in favor of cutting income taxes for all income earners, even if there is not enough support for his plan that would phase in a flat tax rate.Senate Majority Leader Devin LeMahieu told reporters that he had no "line in the sand" of what he would support, but wanted to pass something that would lower rates for everyone. LeMahieu said he thought there was enough support to pass the first two years of his plan, which cuts taxes for all brackets but does not fully implement a flat rate."Generally, both caucuses are supportive of reducing all taxes," LeMahieu said of Senate and Assembly Republicans after testifying in support of his flat tax plan.That proposal has run into bipartisan opposition, with Gov. Tony Evers and Democrats firmly against it and even other top Republicans, including Assembly Speaker Robin Vos, saying it's not going to happen this year.Both sides are in agreement that some of the state’s record-high $7 billion projected budget surplus should be tapped to cut taxes. They have yet to coalesce around what that would look like.Evers is pushing for tax cuts targeting low- and middle-income earners, while Republicans who control the Legislature are eyeing other alternatives. Democrats generally oppose the flat tax because it would result in much higher tax cuts for wealthy people.WISCONSIN ASSEMBLY SET TO VOTE ON BILL THAT WOULD LIMIT UNEMPLOYMENT AIDVos said last week that talks were ongoing. It's expected to be a major piece of the two-year state budget that the Legislature will likely pass sometime in June and that takes effect in July.LeMahieu on Tuesday called his flat tax measure a "once-in-a-lifetime opportunity" to make generational tax reform given the state’s high surplus."This will make Wisconsin more competitive, more affordable and stronger," LeMahieu testified before the Senate revenue committee.Wisconsin’s total tax burden, which is total taxes measured as a share of personal income, fell to its lowest point in more than 50 years in 2022, according to the Wisconsin Policy Forum. However, the state’s average income tax rates are more favorable to high- and middle-income residents and worse for those with lower incomes, the Wisconsin Policy Forum reported last year.LeMahieu set the marker for Republicans with the most conservative tax cut proposal. It would do away with Wisconsin's progressive income tax and replace it with a flat 3.25% rate by 2026. That would cost the state nearly $5 billion in lost tax revenue over the next two years.For taxpayers, the average tax decrease would be $4,415 over the four-year phase-in period and about $1,800 a year after that, according to the nonpartisan Legislative Fiscal Bureau.WISCONSIN PARENTS OUTRAGED AFTER TEACHER GIVES TRANSGENDER LESSON TO K-5TH GRADE WITHOUT PERMISSIONThat bill, along with one doing away with a tax that businesses pay on furnishings and equipment, were both heard by the Senate revenue committee on Tuesday. Evers and Republicans have both supported doing away with that personal property tax, but haven't agreed on exactly how to do it.Evers' budget proposal included a 10% income tax cut for individuals making $100,000 or less a year and married filers making $150,000 or less. His plan also calls for increasing capital gains taxes and limiting how much companies can claim in manufacturing and agriculture tax credits.His plan would also cap copays for insulin at $35, repeal the state’s minimum markup law in an attempt to lower gas prices, cut taxes for seniors on fixed incomes, expand property tax relief for veterans with disabilities, and attempt to lower the cost of caregiving and child care.Republicans are expected to scrap all of those proposals.Last week, a pair of Assembly Republicans introduced another tax cut proposal that attempts to strike a middle ground between the Evers and LeMahieu plans. That bill would cut rates for the state’s four income tax brackets over several years, ultimately resulting in no taxes for the lowest earners and 4.5% for everyone else.That plan is expected to reduce state tax collections by about $3.5 billion a year once fully implemented.The last state budget, passed by the Republican Legislature and signed by Evers, cut income taxes by more than $1 billion. Related Stocks: Fancamp Exploration Ltd