The second attempt from Wisconsin Republican lawmakers to cut taxes will end the same as the first Gov. Tony Evers said Wednesday.
Evers took to social media to promise a veto for the $3 billion tax cut that began its journey through the legislature Wednesday.
“I’ll veto it. Plain and simple,” the governor said in a Tweet. “I’m not going to sign an irresponsible Republican tax cut that jeopardizes our state’s financial stability well into the future and the investments we need to be making today to address the real, pressing challenges facing our state.”
The Republican plan would lower Wisconsin’s second-highest personal income tax rate from 5.3% to 4.4%. That would mean a tax cut for married couples making between $36,840 and $405,550 a-year. Republicans say the cut would save the average taxpayer $722 a year.
They also want to eliminate Wisconsin’s income tax on the first $150,000 of retirement income. Supporters say that would make Wisconsin essentially tax-free for most retirees.
“I delivered on my promise of proposing a 10% middle-class tax cut that provided $1.2 billion in targeted tax relief to working families, seniors, caregivers, parents and veteran families because I believe that when we deliver tax relief, we should do it responsibly,” Evers added.
In July, the governor vetoed a $3.5 billion income tax cut out of the new state budget. He signed a tax cut for people making $18,420 as individuals, or $36,840 as a married couple.
The governor once again said Republicans are trying to cut taxes for top earners.
“After starting this biennium in the best fiscal position in state history, Republicans tried to give 11 filers who make $75 million a year an average $1.8 million tax cut per year,” Evers tweeted. “Now, they’re trying to pass yet another tax plan that puts our state on a path to bankruptcy.”
Critics immediately jumped on the governor’s announcement.
“Unbelievable. Gov. Evers plans to veto another middle-class tax cut for families and seniors. It’s irresponsible to use budget surplus funds to recklessly expand state government,” Sen Julian Bradley, R-Franklin, said. “Middle class taxpayers deserve to keep more of their hard-earned money. Evers clearly doesn’t agree.”
“Wisconsin had a $7 billion surplus, and Gov. Evers thinks giving $2.9 billion of it back to the people who sent it to Madison in the first place is irresponsible??” Nick Novak with Wisconsin Manufacturers & Commerce, the state’s largest business group said. “The governor clearly has no interest in returning money back to the hardworking taxpayers who overpaid.”
Republican lawmakers hope to vote on the plan soon and intend to send it to the governor after that.
