(Madison) The state Assembly has passed a Republican tax cut package. The package of four bills would broaden the second tax bracket, raise the maximum married couple credit, increase the exemption for retirement income, and expand the child and dependent care credit.
Representative Terry Katsma of Oostburg says, “if you’re an individual or a married couple earning more than $28,000, your tax rate is going to go down from 5.3 to 4.4…so this is broad based, this is middle class.”
The other bills exempt up to $75,000 of retirees’ income and expand tax credits for married filers and for those with children.
State Representative Mark Born, who voted in favor of the bills, says the state has over-collected taxes from residents and it is time to return some of the surplus back. The Beaver Dam Republican adds that they have tried to send money back to taxpayers twice already, only to be vetoed by the governor.
The package of bills now go to the senate for consideration.
–WRN contributed
