Wisconsin Policy Forum recently released a report on the state and local tax burden falling to the lowest level ever recorded. (The WI Policy Forum has been tracking the tax burden since 1970.)
State and local tax revenues fell as a share of personal income in Wisconsin to just under 10.1% in 2022, down from 10.3% in 2021.
Since 2011, Legislative Republicans have led the way, cutting state and local taxes by over $22 billion during the 12-year period.
Because of the efforts of Legislative Republicans, the 2021-23 budget cut:
- Income taxes by over $1 billion in each year of the two-year biennium
- Property taxes by nearly $650 million over the two-year biennium
- Republicans also invested $200 million to eliminate the personal property tax, which businesses pay on furnishings and equipment. Unfortunately, this measure was vetoed by Governor Evers
When there is a budget surplus, Republicans have consistently sent money back to the hard-working taxpayers of Wisconsin. We believe individuals, families, and businesses know how to spend their hard-earned money better than the government.
That's why we remain committed and will continue to enact meaningful tax reform to lower the burden even further. We still have a long way to go!