Wednesday, Jan. 25, 2023
Have tax cuts saved Wisconsin taxpayers nearly $22 billion over the last 12 years?
Tax policy changes adopted since January 2011 in Wisconsin have cumulatively saved state taxpayers approximately $21.9 billion in the 12-year period between 2011-12 and 2022-23, according to an analysis by the nonpartisan Legislative Fiscal Bureau.
The savings chiefly consist of $13 billion in avoided income and franchise taxes and economic development surcharges; and $8 billion in avoided property taxes.
"Over the past 20 years, almost no state has seen a greater drop in its tax burden than Wisconsin," noted to the Wisconsin Policy Forum, which found that Wisconsin's tax burden dropped from the fourth highest in the U.S. in 1999 to below the national average by 2019.
Several policies implemented since 2011 contributed to the drop. LFB estimates the top drivers were lowered income tax rates, establishment of the Manufacturing and Agriculture Tax Credit and lowered property tax rates for the Wisconsin Technical College System.
This fact brief is responsive to conversations such as this one.
Sources
- Wisconsin Legislature Tax law changes since 2011
- Wisconsin Policy Forum Wisconsin’s drop in tax rank among nation’s largest
- Wisconsin Policy Forum State tax burden drops yet again
- Wisconsin State Legislature Manufacturing and Agriculture Tax Credit
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