Democratic Wisconsin Gov. Tony Evers (AP Photo/Scott Bauer)
Democratic Wisconsin Governor Tony Evers unveiled a new plan this week that will put the state’s budget surplus to work lowering costs for working families across the Badger State.
The state is expected to end the current two-year budget cycle with an estimated surplus of $5 billion. Previous proposals by Evers to send tax rebate checks to taxpayers were rejected by the Republican controlled legislature.
Here’s how Evers latest proposal would lower costs for working families:
- Cut state income taxes by 10% for Wisconsin residents making less than $100,000 a year, or married couples earning less than $150,000 a year.
- Update the state’s Homestead Credit to account for inflation, making it easier for Seniors to save on their tax bills.
- Expand tax credits for disabled Veterans of the Armed Forces and surviving dependents.
- Repeal Wisconsin’s ‘minimum markup’ law to lower the cost of gasoline at the pump.
- Cap insulin co-pays at $35 per month for the nearly 500,000 residents with diabetes.
- Create a caregiver tax credit that would benefit the roughly 250,000 state taxpayers caring for an aging or unwell family member.
- Expand the child care tax credit from 50% of the federal limit to 100% of the federal limit.
Despite the fact that Evers’ proposal would provide direct relief to millions of Wisconsin families at a time when inflation caused by the coronavirus pandemic is hitting working families hard, Republican leaders in the state legislature immediately rejected the plan.
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