Contents

• History Made
• Transportation Funding

History Made

Last week, the Joint Finance Committee(JFC) wrapped up its hearings on the budget. The bill will now head before the full Assembly and Senate for a vote at a later date. At the time of writing this, the non-partisan Legislative Fiscal Bureau(LFB) is hard at work creating a budget summary that will show the budget measures the JFC has approved.

While we await their summary, I wanted to point out the JFC has approved a massive tax cut that will benefit most Wisconsin citizens. As noted in my last update, the LFB recently projected our state to take in an extra $4.4 billion over the next three years. This is far more than previously projected and has given us the ability to give a historic tax break to millions of Wisconsin taxpayers. The tax cut does the following:

• $3.4 billion tax cut overall – providing income, property, and small business tax relief.
• $650 million in property tax relief. This achieves 2/3rds funding of Wisconsin schools and results in $300 in property tax relief for the typical home.
• A $2.3 billion income tax cut – this will provide $900 in income tax relief to the typical Wisconsin family.
• $200 million in personal property tax relief directly benefiting small businesses across the state.
• $40 million over the biennium to exempt all active duty military income.
• Nearly $10 million over the biennium to help parents with child care expenses.

The only person standing in the way of giving your money back to you is Gov. Evers. My hope is he puts the people of our state first and sign this budget into law instead of using his veto pen to score political points with Madison liberals.