Most taxpayers will see average $44 cut under Walker budget
MADISON, Wis. (AP) -- A new analysis shows most Wisconsin taxpayers would see a $44 reduction in their income taxes under Gov. Scott Walker's budget.
The Legislative Fiscal Bureau released a report Wednesday analyzing the new tax brackets in Walker's budget. It concludes that for tax year 2017 an estimated 2.2 million taxpayers, or 70.3 percent of all tax filers, would see an average decrease of $44. Those making between $100,000 and $1 million would see the largest average decrease at $67. Those making between $30,000 and $40,000 would see an average $32 increase. Those making between $40,000 and $50,000 would see an average $45 decrease.
The total tax decrease would ring in at $95 million for the year. Those making more than $100,000 would receive 31 percent of that $95 million reduction.