Most income taxpayers would see cut under GOP plan
MADISON, Wis. — A new analysis of a sweeping tax reform plan offered by Wisconsin state Assembly Republicans shows it will cut income taxes for most filers but raise them for some.
The nonpartisan Legislative Fiscal Bureau on Tuesday released its analysis of how the GOP plan unveiled last week would work over the next dozen years. The plan eliminates or scales back a number of tax credits and moves to a 3.95 percent flat income tax rate by 2029.
In 2018, the changes would lower income taxes by $162 million for about 2 million filers. It would increase taxes by $143 million for about 172,000 filers.
In 2029, about 1.9 million taxpayers would see a decrease of nearly $2.8 million while about 340,000 would see increases of nearly $54 million.
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