MADISON - Wisconsin lawmakers will take up the state budget plan as early as next week now that the Legislature's powerful finance committee has completed its work writing the two-year spending plan.
Republicans who control the Legislature and the budget-writing process have forwarded to the Assembly and Senate their proposals for the 2023-25 budget cycle. Here are some highlights of their plan:
Republicans on the Joint Committee on Finance voted to include in the state budget a plan to cut income taxes by $3.5 billion, which would give the state's highest earners the largest reductions.
Democrats criticized the plan for benefitting the wealthy while Republicans argued simplifying tax brackets would make the state more competitive and keep employers in the state.
While the highest tax rate — which applies to couples who make $405,550 or more annually — would reduce 15%, the two lowest tax brackets would see a 5.4% and 3.5% reduction.
Wisconsinites making between $60,000 and $70,000 would see their taxes go down by about $249 on average, and those making between $25,000 and $30,000 would see about a $15 reduction.
Democratic Gov. Tony Evers has raised the possibility of vetoing a budget that lowers taxes for the state's highest earners.
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