A new analysis by the non-partisan Legislative Fiscal Bureau showed tax law changes that have been adopted since 2011 saved taxpayers more than $13 billion.
The memo of the analysis was released by Assembly Speaker Robin Vos Thursday. Vos received the analysis on Sept. 17. The more than $13.1 billion in tax cuts include:
- More than $7.2 billion in income and franchise taxes, and economic development surcharges.
- More than $131 million in other general fund taxes.
- More than $5.7 billion in property taxes.
“One of our top priorities has been to allow Wisconsin families to keep more of their own hard-earned money,” said Speaker Robin Vos. “Republicans have proven we can cut taxes, fund essential state programs and grow the economy.”
According to Vos, the current budget grows the annual tax cuts to more than $2.3 billion, which includes reductions by more than $1.2 billion in income and franchise taxes and economic development surcharges, $18 million in other general fund taxes and $1.1 billion in property taxes.