No Wisconsin rebate or tax cut anytime soon

It looks like we won’t be getting any of Wisconsin’s state surplus anytime soon. Republicans in Madison have a plan to return much of the now $4 billion surplus to taxpayers. This would not be a rebate, but changes to the tax code which backers say will put more money in the pockets of Wisconsinites. The bill, which passed out of committee and now heads to the Assembly, would lower the middle-income tax rate from 5.3% to 4.4%. Additionally, retirees earning less than $150,000 a year would be exempt from paying income taxes, encouraging them to stay in Wisconsin for their golden years. The average taxpayer would see a net reduction in their taxes of $772. But, not so fast. Governor Tony Evers has said he plans to veto the Republican tax plan if it passes the Legislature, claiming it would put the state on a path to bankruptcy. All this back and forth is getting us nowhere. Minnesota figured it out, using their surplus to send rebate checks to taxpayers. Most of those checks have already been cashed. In Wisconsin though, the state has been sitting on a surplus for two years, and just can’t come up with a plan that meets with democratic and republican support. At this rate another two years will pass, and the state will still be sitting on our money because our politicians can’t work together to come up with a plan that makes sense for everybody.