Budget Alert

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.