Keeping more money in your pocket while addressing previous concerns of Democratic lawmakers is the goal of a new tax cut plan introduced by Republican legislators on Tuesday. After two previous attempts to cut taxes by as much as $3.5 billion, Tuesday’s proposal would cut taxes by approximately $1 billion statewide. It would do this by raising the state’s second tax bracket from $18,420 and $36,840 to $150,000 and $200,000. The plan would also double the married tax credit and the child and dependent care tax credit. State Senator Andre Jacque says the plan addresses the needs of the middle class, something Governor Tony Evers has also focused on.

The bill would also eliminate income taxes for Wisconsin residents who have reached the age of 65. The announcement came hours before Evers issues his State of the State Address in Madison. Evers teased portions of his address during his visit to Sturgeon Bay on Monday, including the state’s multi-billion dollar surplus.