Contact: Representative Tyler August
Republicans propose tax cut paid for by current state budget surplus.
MADISON…Representative Tyler August (R-Lake Geneva) announced his support today for a new plan to let hardworking Wisconsinites keep more of their money. The proposal would return the state’s budget surplus to taxpayers in the form of a $340 million tax cut for the middle class.
“Eight years of Republican reforms have not only resulted in a strong economy, but a healthy state budget with a sizeable surplus as well,” said August. “The current budget surplus should be returned to the hardworking taxpayers through a middle class tax cut, not used by Madison to grow government.”
Recently, August and his Republican colleagues in the legislature reached out to new Democratic Governor Tony Evers. Both the Republican Legislature and Governor Evers met this week to discuss common ground and ways to move Wisconsin forward. A middle class tax cut is a shared priority of both Republicans and the incoming Democratic governor.
“Governor Evers had made it clear he was in favor of a middle class tax cut,” said August. “I will take the governor at his word and look forward to approving tax relief for Wisconsin taxpayers.”
Specifically, Governor Evers original proposal called for a $340 million tax cut that would be paid for by raising taxes on the manufacturing and agricultural sectors of the economy. Instead of raising taxes, the Republican plan would fund their middle class tax cut by using $340 million of the nearly $600 million state budget surplus. August projected the median income family filing jointly would see a tax reduction of over $300.
“The middle class tax cut would not only provide Wisconsin families with tax relief, but it would do so without creating a deficit or increasing taxes on families, farms, and businesses,” explained August. “Although many in Madison may find this a foreign concept, I believe a budget surplus should be returned to the taxpayers because, after all, it is their money, not the government’s.”
Assembly Republicans are working with the State Senate to finalize the legislation. Once approved, the tax cut would take effect next year.