Press Release February 12, 2019
For Immediate Release
Rep. Amy Loudenbeck
Statement on Passage of Middle Class Tax Cut Proposal
Madison – Today, Rep. Amy Loudenbeck (R-Clinton) joined her Assembly Republican colleagues in voting for $340 million in tax relief to benefit working families across Wisconsin.
“I’m proud the last several years of prudent budgeting has resulted in a surplus that we can return to Wisconsin’s hard working taxpayers,” said Rep. Loudenbeck. “I have always been a big fan of allowing people to keep more of their own income. The plan we passed today does this without raising taxes in other areas and will provide more disposable income for working individuals and families, which will benefit all sectors of Wisconsin’s economy.”
The proposed tax reductions are targeted to individuals making less than $100,000 and families earning $150,000 or less. The tax reduction is achieved by increasing the sliding scale individual income tax deduction and does not require any new filing requirements or forms. The nonpartisan Legislative Fiscal Bureau projects the median income family filing jointly would see a $310 reduction in net taxes.
“We have already proven that we can reduce the tax burden in Wisconsin while continuing to invest in our priorities and grow the economy. Over the last eight years we cut taxes by over $8 billion, reduced our GAAP imbalance by 58%, and saw an increase in state general fund tax revenues of 25%,” said Rep. Loudenbeck.