Madison – State Representative Nate Gustafson (R-Fox Crossing) today proudly voted “yes” on the “Returning Your Surplus” proposal (Assembly Bill 386) to deliver major tax relief for Wisconsin’s middle-class earners and retirees.
“I am proud to deliver major tax relief for Wisconsin’s middle-class earners and retirees,” Rep. Gustafson said after the proposal passed the Assembly on a 64 – 35 vote. “This will provide major tax-relief to everyone from the teacher at Neenah Joint School District, to the cashier at Kwik Trip, to my neighbors such as Harriet, Kay, and Tom, who spent decades contributing to the Fox Valley, and earned the ability to spend their retirement living in Wisconsin with dignity.”
The “Returning Your Surplus” legislation includes creation of a Tax-Free Retirement as well as a middle-class tax cut to provide widespread relief. In addition to exempting up to $150,000 in retirement account income for joint filers, this legislation would reduce the middle-income tax rate from 5.3% to 4.4%, an average savings of $772 per filer.
The bill now moves to the Senate.
