(The Center Square) – Expanding Wisconsin’s second income tax bracket of 4.4% for all filers will reduce the state’s tax collections by $323 million next fiscal year and $320 million in 2026-27, according to estimates from Wisconsin’s Legislative Fiscal Bureau.
The tax reduction is part of a $1.2 billion package of tax cuts approved recently by the state’s Joint Finance Committee as it works toward a budget proposal.
The income tax cut applies to the majority of Wisconsin tax filers in different ways as the amount of income taxed at 4.4% compared to the next tax bracket of 5.3% increases.
For married couples, that will move the cap on 4.4% from $39,150 to $67,300 while for single filers the line moves from $29,370 to $50,480.
That
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