cc / depositphotos
Wisconsin’s Joint Finance Committee has proposed a new state budget that includes tax reductions exceeding $1 billion.
The plan offers retirees aged 67 and older a tax exemption on retirement income up to $24,000.
Additionally, the second tax bracket would expand, increasing the income limit for married couples from about $38,000 to over $67,000, and for single filers from around $28,000 to more than $50,000.
State officials estimate these changes could reduce total tax collections by nearly $650 million over the next two years.
