In order to help residents deal with rising living costs following the pandemic, Gov. Evers has outlined a plan to provide a $150 surplus refund to every Wisconsinite, thanks to an unexpectedly high budget surplus for this coming fiscal year.
According to the Legislative Fiscal Bureau, Wisconsin’s general state fund is expected to be $2.9 billion higher at the end of 2023 than expected, with a total projected $3.8 billion surplus. Thanks to the surplus, coupled with high business formation numbers, and a record low unemployment rate for the state, Gov. Evers proposed legislation would invest nearly $1.7 billion of the surplus funds back to the state, including $131.8 million in tax relief for families, and $188 million in property tax relief for schools.
“Wisconsinites can’t wait for relief from rising prices. so, I hope the Legislature joins me in returning the projected revenue surplus to the taxpayers while supporting our workforce and providing additional relief to folks who need it most,” said Gov. Evers when outlining his plan to pass along $150 back to every Wisconsinite, while investing $611 million into K-12 education.
Under this plan, 86 percent of residents in Wisconsin, including many middle-class families, will see an income tax cut of 15 percent or more. The 2021 to 2023 budget surplus, along with previous tax cuts from Gov. Evers, is estimated to provide tax relief for 2.4 million taxpayers.
Gov. Evers also detailed an income tax credit plan that would see money returned to most of the state’s residents, eligible for receiving up to $500 in credit, with an estimated $100 million allocated for tax relief in the legislation.