FINALLY, A DECREASE IN THE AVERAGE INCOME TAX IN WISCONSIN, THANKS TO GOV. EVERS!
          Gov. Tony Evers signed the average income tax cut by $3 monthly. (Photo: WUWM 89.7 FM)
According to an estimate released on Friday, the average income tax in Wisconsin will decrease by an average of $3 per month under the drastically scaled-back tax cut Democratic Governor Tony Evers signed into law after rejecting a significantly greater cut that Republicans wanted.
According to the independent Legislative Fiscal Bureau, the average income tax in Wisconsin as reduced, under the income tax cut that Evers signed on Wednesday is $36, or slightly under 1% of the total net tax owing. The average tax savings under the GOP proposal as it was adopted by the Legislature was $573, or slightly over 15%.
Evers and Democrats claimed that the middle class was hurt by the GOP tax cut, which benefited the rich and so Evers decided to decrease the average income tax in Wisconsin.
The median household income in Wisconsin, which falls between $60,000 and $70,000, would have received a $249 tax decrease under the Republican plan. Their cut will be $44 under the bill as it was signed by Evers in line with the average income tax in Wisconsin.
Residents in Wisconsin will save on income taxes on average by $36 per year under a tax plan passed by Democratic Governor Tony Evers; this is less than the $573 that Republicans in the Legislature had suggested. (AP Photo/Harm Venhuizen)
It is exceedingly improbable that the veto will be overridden, according to Republican Assembly Speaker Robin Vos, because Democrats in the Assembly would have to break ranks and vote with the GOP, still the average income tax in Wisconsin was decreased. Republicans may later this year offer another tax reform package, according to Vos.
Evers vetoed a reduction in rates for anybody making over $27,630 per year and over $36,840 for married couples filing jointly. So, the initial $3.5 billion Republican plan for the following two years was reduced to just $175 million, or a tax decrease for taxable income up to those levels in line with the decrease in the average income tax in Wisconsin.
Hence, due to this move by Gov. Evers, the decrease in the average income tax in Wisconsin may at least lessen the burden on people who experience inflation.
