President’s Plan Could Hurt Wisconsin’s Job Creators
I am concerned with the recently proposed jobs bill. What is being promoted as fair share does nothing but place a greater burden on Wisconsin’s job creators.
Today, the President announced his plan for funding his jobs plan with the majority of funding coming from limiting the itemized deductions and exclusions for families with adjusted gross incomes in excess of $250,000 annually and individuals with adjusted gross incomes of more than $200,000.
I am concerned that a plan that is being promoted as a tax on millionaires and billionaires actually affects people who make much less.
For example, an individual in the 35% bracket with $25,000 annually in tax deductible mortgage interest payments and state and local property taxes could have a maximum tax benefit of $7,000, not $8,750.
The plan would place a larger burden upon Wisconsin’s job creators because income and property tax rates are higher Wisconsin than in comparison to other states. Latest ranking placesWisconsinwith the 4th highest property tax rate and 20th highest income tax rate in the country. The last thing our state needs is to increase taxes on the very persons who help put people to work.
As Treasurer I call on our Wisconsin delegation to stand up for the people of Wisconsin and come up with a plan that does not overburden our citizens. Our economic health and future depend on it