Representing Wisconsin State Assembly District 93

Rep. Warren Petryk: State budget update – returning YOUR surplus

By Rep. Warren Petryk
Posted 9/7/23

As your state representative it is my belief that you, the people of western Wisconsin, not Madison bureaucrats, know best how to spend your money. That is why one of my top legislative goals has …

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Representing Wisconsin State Assembly District 93

Rep. Warren Petryk: State budget update – returning YOUR surplus

Posted

As your state representative it is my belief that you, the people of western Wisconsin, not Madison bureaucrats, know best how to spend your money. That is why one of my top legislative goals has been to continue my work to reduce the state's tax burden on you and your family. With 61% of respondents in my recent Spring Survey listing tax cuts as one of their top priorities, I voted for a budget that would send the largest tax cut in state history to the governor. Despite his veto of your middle-class tax cut in the recent budget, I announced this week with my colleagues that we will be sending an even bolder package back to the governor.

But why did the governor, who promised not to raise taxes, veto 95% of the historic income tax relief we proposed for western Wisconsin's middle class in the past budget? He said that he used his "strategic line-item vetoes" to retain the money in Madison so that he could spend it on expanding government programs and bureaucracy. His veto affected everyone earning more than $27,630 as a single filer. This action resulted in a $537 tax increase for the average taxpayer.

This tax hike comes at a time when Wisconsin is still feeling the effects of inflation caused by Washington D.C.’s excessive spending. That is why I am co-authoring legislation to provide the governor a second chance to provide real tax relief to the people of Wisconsin.  This bold new tax relief idea has two components.

The first section of the plan would help Wisconsin seniors, many of whom are on fixed incomes, keep more of their retirement funds. The proposal would exempt the first $150,000 of joint retirement income from state taxes. Wisconsin would join Illinois, Iowa, and 11 other states in removing taxes on retirement income if this becomes law.

The second component of the bill would provide direct tax relief to Wisconsin's middle-class residents. With a median household income of $67,080 in Wisconsin, the plan would reduce the tax rate paid by households in this middle income tax bracket by more than 15%.

This new proposal will reduce taxes by a total of nearly $3 billion for Wisconsin. This amounts to an average of $772 per filer per year being returned back to you. This new proposal should receive a public hearing soon and I am hoping it can be voted on by the full Assembly shortly.

I also am co-authoring legislation to give Wisconsin taxpayers more say over their tax amounts by requiring a two-thirds legislative majority to raise taxes in Wisconsin. If the governor had his way in the last budget, taxpayers would have faced a $2 billion tax increase while eliminating safeguards for our state's social programs.

Please do not hesitate to contact me if you have any further thoughts, questions, or concerns in the future. Sign up for my e-update at www.RepWarrenPetryk.com to remain up to know on what's going on in Madison and this proposal.

state budget, taxes, tax relief, Warren Petryk, politics, government, Wisconsin, column