When most people think of retirement, they’re not picturing moving vans and tearful goodbyes. They want stay in the home they’ve built and with the people they love.
Hi, I’m State Senator Julian Bradley, and Republicans are working to help make that a reality for Wisconsin seniors. This session, legislative Republicans fought to include tax relief for retirees in the state budget. We already know Tennessee and Florida have us beat with their warmer winters. Their tax climate shouldn’t be more inviting too. Already this tax season, our reform is making a difference.
For single filers age 67 and older, the retirement income subtraction is now up to $24,000. For married couples filing jointly, it’s up to $48,000 if both spouses are 67 or older.
That’s a major change. Under the old law, the subtraction was much smaller and came with limits. Now, more Wisconsin retirees can keep more of the money they earned and saved over a lifetime of work.
The impact is real. State estimates show more than 150,000 filers age 67 and older are expected to owe no state income tax at all because of this change. On average, joint filers are expected to save more than $1,200 – and single filers, about $700.
To a retired couple paying for groceries, prescriptions, and heating bills, that’s real money – and it’s one less reason to feel pushed out of the state you call home.
One day, most of us hope to retire. When that day comes, we want Wisconsin to be a place where your hard work enables you to retire with dignity and stay close to the people you love.
That’s the kind of future we should be fighting for. And that’s exactly what legislative Republicans are working to protect. I’m Julian Bradley. Thank you for listening.
Video: https://youtu.be/GfDqdaNMdYg
