A local state representative says one thing created in the 2025-2027 state budget is one of the best things done in his 10 years in Madison.
Assemblyman Paul Tittl of Manitowoc says that seniors in Wisconsin will no longer be taxed on their pensions, up to $24,000 for individuals and up to $48,000 for couples.
He noted it can also work with a 401 (k), however, “I don’t believe you can take the pension and a 401K and be tax exempt on both. It’s a total tax exemption.”
That means money can be combined in a pension or 401 (k), but the amount still can’t exceed the $24,000 or $48,000 threshold.
Tittl says there were three other budgets for tax cuts with seniors, but this one will hopefully keep them here.
“It can help with childcare with their children,” he explained. “And, we’re getting closer to being a tax-friendly state.”
Tittl has been concerned about seniors leaving Wisconsin for states like Florida, Tennessee, and Texas because they don’t have a tax on retirement accounts.
The Manitowoc Republican was also proud of helping secure $100,000 for farmer mental health assistance in the state budget, among other bipartisan resolutions.
