Income tax cut
MADISON, Wis. (AP) – A new report shows state taxes collected in Wisconsin would drop by $677 million over the next two years, driven primarily by a $648 million income tax cut. The nonpartisan Legislative Fiscal Bureau released the report on Thursday, just days before the Assembly planned to begin budget debate next week. Taxes would drop nearly $685 million under the plan. However, fees are slated to go up by $7.7 million. That results in the net drop of $677 million. Additionally, because of increased tax enforcement efforts included in the budget, it’s estimated that about $92 million in taxes not currently collected will be brought in over the next two years. Democrats oppose the income tax cut, saying it favors the rich. Republicans defend it since all income brackets are cut.
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