MacIver News Service | April 20, 2013
[Madison, Wisc…] Wisconsin taxpayers celebrated Tax Freedom Day on Saturday, April 20, the ninth latest in the nation. This is one day earlier than the previous year, but still falls after national Tax Freedom Day, which was earlier in the week.The MacIver News Service previously reported that the national Tax Freedom Day for 2013 would be April 18. Tax Freedom Day observes the day that taxpayers have earned enough money to pay all their taxes for the year. In other words, if taxpayers’ entire income went to the government until the total amount of taxes were paid for the year, individuals would not receive a paycheck until a day after Tax Freedom Day.
Even with the state’s Tax Freedom Day moving up, Wisconsin still has one of the highest state and local tax burdens of any state in the nation. At a rate of 11.1 percent in 2010, the state ranked 5th highest.
The Badger State also ranked 43rd in the country for business climate due to a high business tax burden.
Assembly Speaker Robin Vos (R-Rochester) says the Assembly is working to improve the tax climate in Wisconsin.
“Wisconsin continues to be ranked poorly for its tax climate. We’re working hard in the Assembly to not only provide income tax relief but also to reform the state income tax code to put more money back in our citizen’s pockets,” Vos told the MacIver News Service, “We also want the best possible climate for our businesses to succeed and hopefully, our reform efforts will help make Wisconsin a better place to do business.”
Wisconsin has seen an improved economy over the last year according to the Department of Revenue, which has reported increased individual income revenue over the same time the previous year. This is without an increase in taxes.
An income tax cut, like the $343 million reduction proposed by Governor Scott Walker would likely lead to an even earlier Tax Freedom Day for the state next year.