There are well over one-billion dollars in tax cuts included in the state budget proposal issued by Wisconsin’s Joint Finance Committee.
This includes a break for retirees age 67 and older who would not have to pay any tax on retirement income up to 24 thousand dollars. The plan also includes an expansion of the second tax bracket for the state’s earners, with top limits going from about 38-thousand annually for married couples to over 67 thousand and from roughly 28 thousand for single filers up to more than 50 thousand. Officials say that expansion would result in a total tax collection reduction of almost 650 million over the next two years.
