Wisconsin wage earners and state coffers saw a $423.6 million reduction in income taxes as a result of rate cuts enacted in 2013 and 2014, according to new data from the state Department of Revenue.
That’s about $30 million more than the nonpartisan Legislative Fiscal Bureau estimated in July 2014 just after the second tax cut was enacted. The new figures are based on actual tax collections for 2014 compared with 2012.
Of course, we must remember that in the context of other states – including the 7 states that don’t have an income tax – that Wisconsin’s tax burden is still way too high. We have made progress, but there’s still a long way to go.