Four bills were approved by the Wisconsin State Senate yesterday that are expected to cut taxes by more than $2 billion.
Senate Majority Leader Devin LeMahieu announced the bills in a written statement, which noted that they will “cut taxes for the middle class, expand tax credits for married couples and families with children in child care and allow retirees to keep more of their hard-earned money without moving to another state for tax purposes.”
The Oostburg Senator also noted that due to the state’s strong financial position, even with the $2 billion in cuts, the state will still have a near-record $1.1 billion surplus entering the 2025-2027 budget cycle.
LeMahieu called it “irresponsible to leave $3 billion in a bank account in Madison while inflation is stretching family budgets across the state” before calling on Governor Tony Evers to sign all four bills and to “fulfill his campaign promise to cut taxes for the middle class.”
Click here to view a Legislative Fiscal Bureau Memorandum summarizing the tax cut bills.
