MADISON, WI -- Today, Representative Gae Magnafici, alongside fellow Republicans in the Wisconsin Legislature, announced a groundbreaking tax reform initiative designed to uplift Wisconsin families and ensure long-term prosperity across the state. This comprehensive plan, built on the principles of fiscal responsibility and economic growth, aims to deliver over $2.1 billion in tax relief to the hardworking citizens of Wisconsin.
"In the face of ongoing challenges and opposition from the current administration, our commitment to the financial well-being of Wisconsin's families and seniors has never been stronger," said Representative Magnafici. "This proposal is a testament to our dedication to fostering a thriving economic environment where every Wisconsinite has the opportunity to succeed."
Key Highlights of the Tax Reform Proposal:
- Lower- and Middle-Class Tax Relief: The proposal seeks to expand the 2nd income tax bracket, providing significant tax cuts to a broad spectrum of Wisconsin taxpayers, reinforcing our commitment to lower- and middle-class families.
- Support for Seniors: Recognizing the unique financial challenges faced by our senior citizens, the plan includes a substantial retirement income exclusion, ensuring a more secure and comfortable retirement for Wisconsin's elderly population.
- Enhanced Benefits for Working Families: By adjusting the Married Couple Credit for inflation and expanding the Child and Dependent Care Tax Credit, the proposal aims to alleviate the financial pressures on working families, thereby encouraging economic participation and growth.
- A Call for Bipartisan Support: Despite previous setbacks, including vetoes by Governor Tony Evers, this tax reform package represents a new opportunity for bipartisan cooperation, aimed at achieving a common goal of prosperity and fiscal health for Wisconsin.
Representative Magnafici urges Governor Evers and all legislative members to come together in support of this pivotal proposal. "It's time to put aside political differences and focus on what truly matters – the future of Wisconsin and the well-being of its people," stated Magnafici.
The proposal is a clear signal of the Republican Legislature's unwavering commitment to returning the surplus to the rightful owners – the taxpayers of Wisconsin. It builds on a decade-long effort to reduce the tax burden on residents, demonstrating a strategic approach to fostering economic resilience and growth within the state.