There are a lot of questions about the tax plan that Republicans have recently released. The mainstream media reports what fits their narrative and ignores anything that doesn’t. There is even more information being spread through social media that is simply not true. Here are some important takeaways that Wisconsin residents need to know as this plan is debated.
This tax reform is a pro-growth tax plan. It is going to simplify the tax code so the average Wisconsinite can fill out their taxes on a post card. It will also reduce the marginal tax rate for Americans, ensuring that we have more take home money each month. This tax plan will not only help the everyday American, it will also grow our country. The highly-respected Tax Foundation wrote that this plan will lead to an almost 4-percent bump in GDP and more than 3-percent growth in wages for everyday workers. That means more money in our pockets and stability to make sure that we can pay our bills.
Many of us wonder how this tax reform will affect Wisconsin directly. The Tax Foundation found that with the new plan, middle-income families will have more than $2,500 in extra income and nearly 20,000 jobs will be created here at home. Opinions vary, but it is hard to refute the hard dollar numbers that Wisconsinites will save due to this pro-growth tax plan. We need our elected officials to support it.