• CLICK TO CALL (877) 326-3268
  • CLICK TO EMAIL

Dane County Real Estate

  • Home
  • Search Homes
  • Real Estate
    • Why Hire an Agent?
    • First Time Home Buying
  • Your Home Team
  • Pre-Approval
  • Home Loans
  • News
CONTACT US

Joint Finance Committee approves more than $450 million income tax cut

by Richard Surek / Thursday, 13 June 2019 / Published in Dane County Real Estate News

Lawmakers on the state’s Joint Finance Committee, in the final act of their budget deliberations, approved more than $450 million in new income tax cuts that, by early estimates, would reduce the average recipient’s taxes by about $136 annually by 2020. 

Lawmakers did so through a $322 million two-year reduction in the biennial budget bill and by passing a separate bill that would further lower income taxes by about $136 million in 2020. 

The income tax reduction in the budget, which JFC Republicans approved 12-4 along party lines, is smaller than the $833 million reduction proposed by Democratic Gov. Tony Evers. But unlike the governor, Republicans would not increase taxes on large manufacturers to pay for the cuts.

The budget bill now goes to the full Senate and Assembly, which could vote on the package as early as the 25th of June. 

Under the separate bill, which JFC lawmakers approved unanimously, income taxes would be cut by roughly $136 million in 2020, on top of the roughly $61 million cut already written into law. 

The state would get the funding for this second income tax cut by streamlining language in an existing law allowing the state to collect online sales tax from remote sellers following a U.S. Supreme Court decision. 

The tax cuts in the bill would reduce the average recipient’s taxes by $59 in 2020, according to early estimates.

In total, Republicans are slated to approve about $514 million in tax cuts through the budget and the separate piece of legislation. 

Under the bill, the state’s two lowest income tax rates would fall from 4% and 5.84% to 3.76% and 4.93%, respectively. The top two rates, currently set at 6.27% and 7.65%, would remain unchanged. 

#lee-services-modal { font-family: ‘Lato’, sans-serif; } #lee-services-modal .modal-body { min-height: 300px; } #lee-services-modal .close { font-size: 30px; margin-top: -8px; z-index:1; } #lee-services-modal .modal-top { margin: 0 -15px 20px -15px; padding: 15px; z-index:0; border-bottom: 3px double rgba(0,0,0,.1); } #lee-services-modal .title { font-size: 24px; line-height: 24px; margin-bottom: 10px; font-weight: 700; } #lee-services-modal .logo img { max-height: 50px; max-width: 50%; margin-bottom: 15px; } #lee-services-modal .tagline a { color: #222; text-decoration: underline; } #lee-services-modal #lee-service-no-access { display: none; } @media (min-width: 992px) { #lee-services-modal.packages_2, #lee-services-modal.packages_3 { width: 80%; } #lee-services-modal.packages_4, #lee-services-modal.packages_5 { width: 90%; } } @media (min-width: 1200px) { #lee-services-modal.packages_2 { width: 50%; } #lee-services-modal.packages_3 { width: 60%; } #lee-services-modal.packages_4 { width: 70%; } #lee-services-modal.packages_5 { width: 80%; } } /* inline */ #lee-subscription-wall-inline { position: relative; margin-bottom: 20px; } #lee-subscription-wall-inline .lee-subscribe-panel { background-color: #f7f7f7; padding: 30px 20px; border-radius: 5px; } #lee-subscription-wall-inline .lee-redacted-overlay { height: 80px; width: 100%; top: -90px; z-index: 1; position: absolute; background: linear-gradient(to bottom, rgba(255, 255, 255, 0), #fff 80%); } #lee-subscription-wall-inline .head { font-size: 36px; line-height: 36px; font-family: ‘Yrsa’, serif; } #lee-subscription-wall-inline .tagline { padding-bottom: 15px; } #lee-subscription-wall-inline .tagline a { color: #222; text-decoration: underline; } @media (max-width: 767px) { #lee-subscription-wall-inline .lee-redacted-overlay { display: none; } }

Continue reading your article with a digital subscription.

Loading&hellp;

  • {{start_at_rate}}
    {{format_dollars}} {{start_price}} {{format_cents}}
    {{promotional_format_dollars}}{{promotional_price}}{{promotional_format_cents}} {{term}}
  • {{html}}
  • {{action_button}}

‘); $(‘.lee-featured-subscription’).html(sFallBack); } function lee_formatPackage(oService){ try { var bOnlyModal = true; var oSettings = lee_getPackageSettings(oService.HomeMembership); var newService = {}; if(parseInt(oService.WebFeatureFG) === 2) return false; if(oService.WebStartPrice != ”){ var custom = JSON.parse(oService.WebStartPrice); $.each(custom, function(k,v){ newService[k] = v; }); } if(bOnlyModal && newService.in_modal === ‘false’) return false; newService.sort = parseInt((newService.sort) ? newService.sort : oSettings.sort); newService.title = oSettings.title; newService.level = oService.HomeMembership; newService.html = oService.WebOfferHTML; newService.disabled = newService.disable_purchase ? ‘disabled’ : ”; var price = lee_formatPackagePrice(newService.start_price); newService.start_price = price.cost; newService.format_dollars = (price.format_dollars) ? price.format_dollars : ”; newService.format_cents = (price.format_cents) ? price.format_cents : ”; newService.start_at_rate = (newService.fixed_rate === ‘true’) ? ‘for the low price of’ : ‘starting at’; if( !newService.term ) newService.term = ‘per month’; if( newService.promotional_price && newService.promotional_price != ” ){ newService.has_promotion_class = ‘has-promotion’; var promotion = lee_formatPackagePrice(newService.promotional_price); newService.promotional_price = promotion.cost; newService.promotional_format_dollars = (promotion.format_dollars) ? promotion.format_dollars : ”; newService.promotional_format_cents = (promotion.format_cents) ? promotion.format_cents : ”; } newService.action_button = ‘Sign Up’; if(newService.disabled === ‘disabled’){ newService.start_at_rate = ‘Call us at’; newService.start_price = ‘800-362-8333’; newService.term = ‘to get started’; newService.action_button = ‘Call Today’; } window.lee_service_impressions.push({ ‘id’: newService.level, ‘name’: newService.title, ‘price’: newService.start_price, ‘brand’: “madison.com”, ‘category’: ‘subscription’, ‘list’: ‘Block’, ‘position’: newService.sort }); return newService; } catch(e){ if(window.console) console.warn(e); return false; } } function lee_sortPackages(property) { var sortOrder = 1; if(property[0] === “-“) { sortOrder = -1; property = property.substr(1); } return function (a,b) { var result = (a[property] b[property]) ? 1 : 0; return result * sortOrder; } } function lee_getPackageSettings(sPackage){ switch(sPackage.toLowerCase()){ case ‘dob’: return {title: ‘Digital Basic’, sort: 0}; break; case ‘dop’: return {title: ‘Digital Plus’, sort: 1}; break; case ‘silv’: return {title: ‘Silver’, sort: 2}; break; case ‘gold’: return {title: ‘Gold’, sort: 3}; break; case ‘plat’: return {title: ‘Platinum’, sort: 4}; break; } } function lee_replacePackageTokens(sPackage, oService, sCol){ var hasPromotion = false; $.each(oService, function(k,v){ if( k === ‘html’){ v = v.replace(new RegExp(‘{{domain}}’, ‘gi’), ‘madison.com’) .replace(new RegExp(‘{{site_name}}’, ‘gi’), ‘madison.com’) .replace(new RegExp(‘{{site_phone}}’, ‘gi’), ‘800-362-8333’); } sPackage = sPackage.replace(new RegExp(‘{{‘+k+’}}’, ‘gi’), v); }); if(sCol) sPackage = sPackage.replace(‘{{col}}’, sCol); return sPackage; } $.getJSON(‘/tncms/subscription/leefalcon/’, function(oServices){ try { var oPackages = [], oFeatured = false, sHtml = ”, sTemplate = $(‘#lee-service-template’).html(); $.each(oServices, function(i, oService){ var oService = lee_formatPackage(oService); if(oService){ oPackages.push(oService); if(oService.featured === ‘true’) oFeatured = oService; } }); if(oPackages.length === 0){ throw ‘No packages defined’; } oPackages.sort(lee_sortPackages(‘sort’)); if(!oFeatured) oFeatured = oPackages[0]; switch(oPackages.length){ case 5: var sCol = ‘5ths’; break; case 4: var sCol = ‘3’; break; case 3: var sCol = ‘4’; break; case 2: var sCol = ‘6’; break; default: var sCol = ’12’; break; } $(‘#lee-services-modal’).addClass(‘packages_’+oPackages.length); $.each(oPackages, function(i, oService){ sHtml += lee_replacePackageTokens(sTemplate, oService, sCol); }); $(‘#lee-services-list .packages’).html(sHtml).promise().then(function(){ setTimeout(function(){ $(‘#lee-services-list .body’).each(function(){ if( $(this).prop(‘scrollHeight’) 0 && oFeatured ){ $(‘.lee-featured-subscription’).each(function(){ var html = $(this).html(); if( !oFeatured.featured_button_text ){ if(oFeatured.promotional_price){ oFeatured.featured_button_text = oFeatured.promotional_format_dollars+oFeatured.promotional_price+oFeatured.promotional_format_cents+’ ‘+oFeatured.term; } else { oFeatured.featured_button_text = ‘Join for ‘+oFeatured.format_dollars+oFeatured.start_price+oFeatured.format_cents+’ ‘+oFeatured.term; } } html = lee_replacePackageTokens(html, oFeatured); $(this).html(html); if(oFeatured.promotional_price) $(this).addClass(‘has-promotiom’); if( $(this).hasClass(‘show-after-loaded’) ) $(this).show(); }); } } catch (e) { if(window.console) console.warn(e); lee_serviceError(); } window.lee_fetched_services = true; }) .fail(function(jqxhr, textStatus, error){ if(window.console) console.warn(error); lee_serviceError(); }); });

Thanks for being a subscriber.

Sorry, your subscription does not include this content.

Please call 800-362-8333 to upgrade your subscription.

Thanks for reading.

Tagged under: dane county real estate, madison, real estate agents

About Richard Surek

What you can read next

Prep sports roundup: Middleton boys volleyball team completes perfect run through Big Eight
Know Your Madisonian: Medicine remains retired surgeon’s passion
Netherwood Knoll achieves top ‘Green and Healthy’ status, turning outdoors into classroom areas

Recent Posts

  • Attorney says UW-La Crosse professor was victim of ‘cancel culture’ in sexual misconduct case

    {{featured_button_text}} Elgin Bean An attorney...
  • Judiciary panel takes first steps toward impeachment vote

    WASHINGTON (AP) — The House Judiciary Committee...
  • Two Republicans introduce bill that would legalize medical marijuana

    {{featured_button_text}} Two Republican lawmake...
  • Jarry’s shutout streak ends as Montreal beats Penguins 4-1

    PITTSBURGH (AP) — Tomas Tatar’s 10th goal of th...
  • Badgers’ Dana Rettke named Northeast Region player of year

    Rettke University of Wisconsin junior Dana Rett...

Categories

  • Dane County Real Estate News
  • FHA Mortgages
  • Mortgage Loans
  • Purchase Mortgages
  • Refinance Mortgages
  • US Lending News
  • USDA Mortgages

US LENDING & REAL ESTATE

877-326-3268

6720 Frank Lloyd Wright Ave. Suite 104 Middleton, WI 53562

  • Home
  • Search Homes
  • Real Estate
    • Why Hire an Agent?
    • First Time Home Buying
  • Your Home Team
  • Pre-Approval
  • Home Loans
  • News
  • Home
  • Search Homes
  • Real Estate
    • Why Hire an Agent?
    • First Time Home Buying
  • Your Home Team
  • Pre-Approval
  • Home Loans
  • News

Terms of Use | Privacy Policy | Sitemap

NMLS #1152122 (View NMLS Consumer Access Page)
©2003-2019 US Lending Corporation, Dane County Real Estate and US Lending & Real Estate, all rights reserved. | 6720 Frank Lloyd Wright Ave. Suite 104 Middleton, WI 53562.

Lending services provided by US Lending Corporation, "US Lending & Real Estate" is a registered service mark (d/b/a) of US Lending Corporation, used under license.

Dane County Real Estate LLC License Numbers: WI 700869-91. US Lending & Real Estate Logo is a service mark (d/b/a) licensed to Dane County Real Estate LLC. Dane County Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. The Dane County Real Estate LLC main office is located in Middleton, WI. Contact: 877-326-3268. (View License)

TOP