Senate Majority Leader Devin LeMahieu
Major state budget news, as the Joint Finance Committee has approved the largest tax cut in Wisconsin’s history.
That is according to Senate Majority Leader Devin LeMahieu, who is also on the JMC.
Sen. LeMahieu, who represents southern Manitowoc County, as well as eastern Calumet and Sheboygan Counties, issued a statement to Seehafer News, where he noted that the motion approved yesterday (June 22nd) includes “$3.5 billion in income tax cuts and nearly $800 million in property tax relief.”
The package will also overhaul the income tax structure.
LeMahieu explained, “Three tax brackets will remain, with rates set at 3.5% for the lowest bracket, 4.4% for the middle bracket, and 6.5% for the highest bracket.”
LeMaheiu said of the motions, “Our neighboring states continue to reduce the tax burden on their citizens. This tax package will make Wisconsin’s economy more competitive regionally and nationally.”
Both houses of the legislature anticipate floor action on the budget next week.
