Following passage of the Tax Cuts and Jobs Act by both the U.S. House of Representatives and Senate, Governor Scott Walker today released information from the Wisconsin Department of Revenue which shows the typical family of four in Wisconsin will see a $2,508 tax cut.
“In Wisconsin, we proved you can provide tax relief for the hardworking taxpayers and invest in your priorities at the same time,” Governor Walker said. “A typical family of four in our state will see an annual tax cut of $2,508. That’s $200 a month more in the pockets of the typical Wisconsin family. That’s real money.”
While the Wisconsin Department of Revenue is still analyzing the full impact of the bill on state taxpayers, it has determined that married joint filers with two children at home and a median adjusted gross income for a family of four will see an annual tax decrease of $2,508.
According to WPR:
Using Census data and expected growth, the median income for a Wisconsin family of four in 2018 was projected to be around $94,700. The Revenue Department then calculated what effect various law changes would have on that income, including increasing the standard deduction to $24,000, reducing the 15 percent tax bracket to 12 percent and doubling the child tax credit to $2,000 per child.