A Tale of Two Budgets
Today, the Budget Writing Committee will finalize their work on yet another fiscally responsible state budget. I am pleased the committee has chosen to send the budget surplus money back to Wisconsin residents. This is a tale of two budgets. My colleagues and I believe sending money back to Wisconsin taxpayers is the best way to keep the state moving forward. Governor Evers’ budget proposed to raise taxes over $1 billion dollars and increase our spending by nearly 10%. The plan, when completed, will send the majority of the $4.4 billion in surplus money back to families and businesses over the next three years. Legislative Republicans will include an additional $200 million to the rainy day fund above the $350 million previously approved by the Joint Finance Committee. KEY ITEMS:
This budget will achieve 2/3rd's funding of K-12 education, while complying with the federal maintenance of effort requirements!
We’re creating a child and dependent care tax credit!
This will help assist parents with child care expenses as they get back into the workforce.
We’re reducing the third income tax bracket to 5.3%.
Over the biennium, this is a $2.3 billion income tax cut where the typical Wisconsin family will save nearly $900 over the next two years.
We’re helping keep high-paying research jobs here in Wisconsin by increasing the refundable portion of the research and development tax credit from 10% to 15%. There are many premiere companies in our area that will benefit from this provision.
We’re making AmeriCorps awards tax exempt.
This voluntary civil society program engages adults in public service work to help others meet critical needs in the community.
When I sought election I committed to working to improve the tax burden on individuals, families and businesses. In my first term I drafted the bill to end the Miller Stadium tax. This session my bill, 2021 WI Act 1, included a $600 million tax cut. I look forward to continuing that commitment by voting on a budget that includes an historic tax cut for Wisconsinites. This is a great day in our state, and I am very pleased with the work of our Joint Finance Committee.