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We have an additional $400 million coming to the State of Wisconsin this quarter. AB 910 was introduced to determine how to use that surplus and it does four things for taxpayers:
Middle Class Income Tax Reduction ($250 million)
The tax cuts would start in the 2020 tax year and the average income tax filer would see a $106 tax reduction. The tax savings would be due to an increase in the standard deduction.
Personal Property Tax Cut ($45 million)
Would exempt machinery, tools, and patterns of manufacturers from personal property taxes.
Debt Payment Requirement ($100 million)
The Building Commission will be directed to use $100 million of the general fund to reduce the outstanding amount of GPR supported general obligation debt.
Rainy Day Fund Payment
The rainy day fund is projected to be more than $950 million, even after the above three payments. Legislation requires debt reduction if the Budget Stabilization Fund exceeds 5% of expenditures.
Today I plan to vote yes on this bill, returning your money back to you. Once the bill is passed, it will go to the Governor’s desk for signature.
Notes of Love for the Cappo Family
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The Cappo Family was selected to receive a new home through Operation Finally Home. As a special part of the process, neighbors, family and friends are invited to write inspirational notes on the studs of the home. Join me next Friday as we honor one of our many veterans who courageously fight for our country. Details below.
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Representative Janel Brandtjen
State Capitol, Room 12 West
PO Box 8952
Madison, WI 53708
Toll-Free (888) 534-0022 or (608) 267-2367
Rep.Brandtjen@legis.wi.gov | |
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