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Report: Wisconsin’s tax burden drops to 30-year low
By: Associated Press//December 19, 2018//
Listen to this articleMADISON, Wis. (AP) — A new study finds that Wisconsin’s tax burden has dropped to a 30-year low.
A Wisconsin Policy Forum report released on Wednesday looks at what percentage state and local taxes make up of personal income. The report says that taxes accounted for 10.5 percent of income, down slightly from 10.6 percent last year.
That marks the seventh straight year of declines.
The report says that the tax burden dropped primarily because personal income increased faster than taxes. Income was up 3.6 percent whereas state and local taxes grew by 2.3 percent and federal taxes went up 0.7 percent.
The nonpartisan group says the tax burden is at its 30-year low thanks largely to rising incomes, low unemployment and state-imposed property-tax limits and reductions.
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