CONTACT: Rep. David Steffen
Madison—Today Representative David Steffen (R-Howard) announced a major new proposal that allows Wisconsin taxpayers to keep more of their hard-earned money. The proposal delivers $340 million in tax relief for middle class families and is fully funded through the state’s budget surplus.
“Through prudent budgeting and increased revenues over the last eight years, the state has a strong budget surplus,” said Rep. Steffen. “I have always believed that we should return that money to the taxpayers and this plan provides a much needed tax cut for middle class families.”
Wisconsin’s economy is the best that it has been in decades. Low unemployment, increasing incomes and pro-growth reforms have all contributed to this strong economy. Furthermore, Wisconsin’s tax burden is now the lowest it has been in nearly 50 years.
“Wisconsin Republicans have reduced taxes by more than $8 billion since 2011,” commented Rep. Steffen. “However there is still more work to be done, and this proposal is an important next step in providing tax relief to the hardworking citizens of Wisconsin.”
The proposed tax reductions are targeted to individuals making less than $100,000 and families earning $150,000 or less. The nonpartisan Legislative Fiscal Bureau projects the median income family filing jointly would see a $310 reduction in net taxes.
“This proposal reflects a shared priority and I believe we will be able to work with the new administration to deliver this important tax reduction to Wisconsin families,” said Rep. Steffen. “Even better, we are able to implement this cut without harming businesses or farmers, who are the top economic drivers of our state.”