Wisconsin Senate GOP leader working on income tax cut for families with up to $200,000 in earnings
MADISON, Wis. (AP) — Income taxes would be cut for Wisconsin families earning up to about $200,000 under a plan being worked on by Senate Republicans, a GOP leader said Thursday.
The proposal will be targeted at middle class families in an attempt to win the support of Democratic Gov. Tony Evers, who has vetoed past tax cuts that applied to taxpayers earning up to about $405,000, Senate Majority Leader Devin LeMahieu said.
Details of the latest plan are still being worked out, but in general it would lower the tax on income between about $36,000 and around $200,000 for families from 5.3% to 4.4%, LeMahieu said following an appearance at a WisPolitics.com event. Currently, the 5.3% tax rate applies to those earning between about $36,000 and around $405,000.
The proposal would cost about $1 billion a year, he said.
“That’s something we’re confident the governor can sign,” LeMahieu said.
Evers has vetoed past Republican-backed income tax cuts, saying they didn’t target the middle class. Republicans rejected an Evers tax cut plan that he submitted last year as part of the state budget.
Evers’ spokesperson did not return a message seeking comment.
Republican Assembly Speaker Robin Vos last month said he would be backing a tax cut on retirees’ income. But LeMahieu said he didn’t like tax cuts that “choose winners and losers” and instead favors a broad reduction for all taxpayers.