National Taxpayers Union is pleased to announce it has joined the Institute for Reforming Government, Wisconsin Manufacturers & Commerce, Americans for Prosperity, and Americans for Tax Reform in supporting the need to enact crucial tax reform by eliminating Wisconsin’s income tax.
Scott Walker, 45th Governor of Wisconsin, applauded NTU’s participation in the coalition. “Having worked with the team at the National Taxpayers Union as a senior advisor, I am thrilled that NTU is backing the exciting new plan to eliminate the individual income tax in Wisconsin. This plan will provide major relief for the hard-working people, as well as the small businesses, of the Badger State. It’s like pouring jet fuel into the economic engine of Wisconsin.”
With the 9th highest income tax rate in the nation, Wisconsin is limited in its ability to be competitive with other Midwest states. The top income tax rate is 7.65%, making it hard for Wisconsin to attract jobs and spur the economic growth that is critical to the state. According to a recent analysis, such reform would lead to a $3.5 billion tax savings, averaging out to $1,700 per household.
“Becoming the 10th state in the nation to eliminate the income tax on wages will undoubtedly make Wisconsin more attractive to employers and job seekers, creating a substantial competitive advantage. Increasing the job-generating capabilities of small businesses, most of which file personal income taxes, is vital in the effort to put additional dollars into the pockets of Wisconsinites,” said Leah Vukmir, Vice President of State Affairs with the National Taxpayers.
Lawmakers can enact tax relief while balancing the budget and funding the state’s priorities if they increase fiscal discipline and decrease government spending. Fortunately, the state can also utilize a combination of a state fiscal year cash-on-hand surplus of $2.58 billion, a $1.73 billion rainy day fund, unspent federal COVID-19 relief money at the state and local levels, and revenue growth from new economic activity.
If you would like to speak with an NTU expert about eliminating the Wisconsin Income Tax, please contact Kevin Glass, NTU Vice President of Communications, at 703-299-8670 or at kglass@ntu.org.