We are announcing some great news today. Republicans will be passing a $3.4 billion tax cut for Wisconsin's middle class! Recently, the non-partisan Legislative Fiscal Bureau reported that the state would see $4.4 billion more than expected in revenues. It's your money and we will be passing a budget that sends much of it back to the people and businesses of our great state.
Here's where the tax relief will be felt:
- $900 income tax relief for typical family
- $300 property tax relief for typical home
- $1,200 savings for typical family
- $200 million tax relief to main street
In addition to the tax relief, we were able to reach the goal of 2/3 funding for our K-12 schools! Under our plan, state aid to our schools is estimated to be 68% in the second year of the biennial budget.
This equates to an increase of $2,900 per student statewide. It is a historic amount of state aid and meets the federal requirements to receive funding through the American Rescue Plan Act (ARPA.)
Over the last decade, Republicans have consistently sent extra revenues back to the hard-working taxpayers of Wisconsin. In that time we have also funded our schools at record levels.
I'm so proud of the members of the Joint Finance Committee for their hard work throughout the budget writing process and I'm excited to get this passed to get tax relief to the people and businesses of Wisconsin.