Republican tax cut calls for shielding retirement income from Wisconsin income taxes
The Republican plan would exclude from taxation the first $24,000 of retirement income received by individuals age 67 and over. Non-residents would not be able to claim the exemption, and part-time residents could only claim the portion of their income sourced to Wisconsin.
"We've done all these things to make (Wisconsin) a great place to live and work and raise a family. I want it to be also a great place for those people that have worked so hard to make all that happen, to stay and watch their grandkids grow," said Joint Finance co-chair Rep. Mark Born, R-Beaver Dam.
The GOP plan also includes a measure proposed in Evers' budget, increasing the maximum deduction for adoption expenses from $5,000 to $15,000.
More: Republicans back boost in special education funding but pare back Gov. Tony Evers' proposal
Those provisions are part of a $1.3 billion tax cut proposal that includes expanding the state's second-lowest tax bracket to bring in more residents, a change that is estimated to lower taxes for 1.6 million filers.
The Legislature's budget-writing Joint Finance Committee approved the tax measures on June 12 on a party-line vote. The package will be part of a state budget plan that will go to the full Assembly and Senate for approval and sent to Gov. Tony Evers for his signature. Evers' office did not comment on the June 12 actions.
This article originally appeared on Milwaukee Journal Sentinel: Wisconsin Republicans call for shielding retirement income from taxes
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