Madison – State Representative Nik Rettinger (R-Mukwonago) voted in favor of returning hard-earned money back to Wisconsin taxpayers. The Wisconsin Tax Overhaul bill, officially known as Assembly Bill 386, would reduce taxes by approximately $3 billion. The Wisconsin Tax Overhaul bill would drop the third tax bracket from 5.3% to 4.4%. The average tax filer would see a decrease of $772 per year. Additionally, the Wisconsin Tax Overhaul bill contains the tax-free retirement provisions. Individuals who are 67 and have $100,000 or less of retirement income would be exempt. The number increases to $150,000 for married-joint filers. Four states offer some form of tax-free retirement, including Iowa and Illinois. Following passage, Rep. Rettinger issued the following statement:
“Whether it be from businesses owners, chamber of commerce leaders, or constituents out at community events, I consistently hear that Wisconsin is losing people. Both on the front end, when young professionals are looking to put down roots, build careers, buy homes, and start businesses, or the back end, when folks are retiring, people here are looking to other states with lower taxes and cost of living. Wisconsin cannot afford bad government policies driving folks from staying or moving here. These billions in surplus dollars aren’t a slush fund for the Governor, they belong to you, the taxpayers. These middle class tax cut and tax-free retirement proposals will give lasting relief and directly make Wisconsin more competitive.”
The Assembly additionally passed its first consideration of a constitutional amendment to limit the ability of the legislature to raise income taxes and sales tax absent supermajority support by both houses of the legislature.
“Bidenomics and mismanagement of the economy at the federal level have put a significant strain on everyone, from young professionals looking to purchase their first home to parents who are concerned about inflation making groceries unaffordable. This constitutional amendment will be critical in safeguarding taxpayers from being on the hook for future government growth and waste spending. Passing substantial tax reforms have been a critical goal of mine since being elected and I am proud to be delivering on them in my freshman term.”
