A new Forward Analytics report shows that individual income tax cuts in Wisconsin have resulted in over $7 billion in tax relief over the past roughly 10 years, according to WisBusiness. The research group on Monday released its analysis of changes to state income taxes from 2012–23, during which time rates were lowered on several occasions, leading to lower statewide rates across all income tax brackets.
The largest cuts by percentage went to single filers with income below $48,000 and married-joint filers with incomes below $68,000, the report says. Both groups’ tax rates were reduced by 24–26%.
Single filers with incomes between $400,000–$600,000 and married-joint filers with incomes between $530,000–$800,000 saw their tax rates lowered by 10–15%. Those with incomes over $1 million had their rates lowered by 8% or less.
In 2012, meanwhile, the state had five income brackets. That has since been changed to four. Rates have dropped from 4.6% to 3.5% in the lower income bracket; from 6.15% to 4.4% in the second-lowest; from 6.5% and 6.75% to 5.3% in the third bracket (which merged two brackets in 2013); and from 7.75% to 7.65% in the fourth and highest bracket.
