April 23, 2024 1:09 am
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Republican Tax Plan May Take a Toll on Wisconsin Small Businesses

Credit: iStock

Jeff Fuentes Gleghorn

Florida Senator Rick Scott revealed an 11 point tax plan that would increase taxes for 52 percent of Wisconsin small businesses. Under the GOP plan, the typical small business will pay an extra $700 in taxes per year. It hurts small businesses making less than $50,000 a year even more, with 82 percent of such businesses paying an additional $500 per year. Senator Scott, who is in charge of the GOP effort to retake the House and Senate this year, said he released the plan because “Americans deserve to know what we [Republicans] will do when given the chance to govern.” Wisconsin Senator Ron Johnson said he “agreed with most of it” and believed the plan was “a positive thing.” 

Plans to increase taxes on small businesses are at odds with the goals of Wisconsin residents. During the pandemic, Wisconsin Governor Tony Evers made a point to direct federal dollars from the American Rescue Plan Act (ARPA) to small business owners through programs like the Wisconsin Tomorrow Small Business Recovery Grants. According to the Wisconsin Policy Forum, Wisconsin gave nearly 58 percent of ARPA dollars to small business owners and nonprofits. On average, other states only gave 5 percent of ARPA dollars to small businesses.

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