Bill Package Also Includes Restored Estate Tax, Local Option Income Tax
Madison, WI – Today, Rep. Ryan Clancy (D-19) released a package of bills designed to cut property taxes, securely fund Wisconsin’s K-12 schools, restore Wisconsin’s estate tax, and give local governments an important new revenue tool. The Funding Fairness package is led by a bill that, when enacted, would make Wisconsin the first state to shift away from a property tax funding model for K-12 schools. The bill replaces that system with a new tax on the highest earning individuals and corporations in the state, returning Wisconsin to its tradition of progressive, fair taxation and government. It would also cut the median property tax bill by 44%, providing much needed relief to households across the state facing increasing expenses, and provide 90% special education reimbursement and additional equalization dollars to K-12 schools in Wisconsin.
The other bills in the package restore Wisconsin’s estate tax and create a local option income tax. The restored estate tax only impacts non-farmland estates valued over $5 million and would generate significant revenue annually without impacting the working class. The local income tax option gives municipalities and counties starved of shared revenue a new, more stable option to fund local priorities, from opening libraries and fixing potholes to mental health services to free transit, opening public pools and funding parks.
Rep. Clancy released the following statement:
“Property taxes have always been an unfair, inequitable, and unsustainable way to fund our K-12 schools. Our school districts and education advocates fight every budget season for more per pupil general aid funding, fair special education reimbursement, sufficient equalization aid, and then have to fall back on local property tax referendums when that revenue falls short. Our schools and children – and anyone who pays property taxes or rent – have suffered under this system for decades; we have the responsibility to change it.
As the gap between the very rich and the rest of us widens, asking the wealthiest among us to chip in – to reduce property tax bills and to fund vital local services – just makes sense. I’m grateful to be able to provide that option to folks all across the state.”
