As I See It
Tax cuts could be coming if the Governor says yes
Wisconsin Governor Tony Evers has issued so many vetoes, his veto pen must be running out of ink. But a bill to cut taxes in Wisconsin approved by the Assembly should be signed into law rather than vetoed. The Legislature this week approved a $2.1 billion income tax cut package. This bill isn’t perfect, and it is similar to a proposal Governor Evers already vetoed that would have largely benefited the wealthiest in the state. This bill is better, and would help more people as they struggle with inflation. Among the provisions, the state’s second-lowest tax bracket would be expanded to cover more filers. The average tax cut for filers in this bracket would be $454. Another bill would exempt retirement income from being taxed, up to $75,000 per filer. That will lead to an average tax cut for senior filers by more than $1500. It will also help keep retirees from spending their golden years in another, more tax-friendly state. Another bill would expand the married couple credit, leading to an average tax cut of $656. These tax cuts make sense, especially given the state’s multi-billion surplus, and persisting inflation. It makes sense to return the money to taxpayers, and Governor Evers should sign these bills into law.
The Dude
February 15, 2024 at 4:16 pm
Mr. Shaw,
As reported in January of 2024 the State surplus is already down to $3.2 billion HALF of the $7.1 billion in June. We are already draining this surplus at a phenomenal rate and it will be depleted soon. Give all of the surplus back and to your editorial comment cut the taxes for the masses and get all of the tax from the corporations or business owners in the State of Wisconsin. We do not like those high income business owners anyway right. Lets just use Midwest Communications as an example. TAX that mean old nasty corporation to death, impose large tax increases so much that radio broadcasting is no longer profitable. First they will employ reduction of staffing and use AI to generate podcasts. Radio interviews man be done with calls to guests using AI. Maybe even the editorials and news reports will be performed using AI. But now that the employees are no longer working the tax collected from the business’ do not cover the state budget. So what does Midwest communications do, venture into an alternate business maybe cell phones, satellite phones, maybe AI, who knows but broadcasters and news directors are no longer required. But on the PLUS side, you are NOT being taxed.
https://www.wpr.org/politics/wisconsins-budget-surplus-is-shrinking-but-still-large
There is an alternative approach to driving inflation down, incentivize business growth through low taxation. Allow them to grow the business to employ more people. Put competition in place and let the market supply and demand curve drive down pricing. A sure way to drive people out of business is to take take away the incentive for all of the hard work and late night hours they put in away from their families and tax them. If a guy owns a gas station and make 30 cents profit on a gallon of gas. He sells 3.5 million gallons but in order to do that, he stays open and works from 4:30 am until 11:00pm every day for 365 days, doesn’t even take Christmas day off. Everybody in town that spends their time at Moon tunes on Thursdays, or the farmers market, or bicycle riding rather than getting another job or starting their own business will yell… TAX HIM that rich son of a gun…..does not make logical sense