Average taxpayer would save $83 under tax cut
1040 tax form and pencil Image by Submitted Photo
MADISON, Wis. (AP) -- The average Wisconsin taxpayer would save $83 under Gov. Scott Walker's proposed income tax cut.
That is according to a new analysis released Monday by the nonpartisan Legislative Fiscal Bureau.
Walker is proposing lowering tax rates for the lowest three brackets starting this tax year.
The analysis shows those who earn more than $100,000 would receive more than 49 percent of the total tax cut Walker is proposing. Those with lesser incomes would see a larger percentage cut, but because they earn less the dollar amount of the reduction would be less than the higher earners.
The largest percentage increase would be those who earn between $25,000 and $30,000. For them, the cut would be 3.3 percent.
The $343 million tax cut is the centerpiece of Walker's two-year budget.