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Tax-free retirement highlights new legislation

You might have a little extra incentive to stay around in Wisconsin in the future.  The creation of tax-free retirement is part of the larger “Returning Your Surplus” proposal championed by Republicans around the state on Wednesday. The proposal would exempt up to $150,000 in retirement account income, which would cover about 98 percent of Wisconsinites who currently pay income taxes on it. Rep. Joel Kitchens says not only eliminates some of the financial stress people are facing in the state but also encourages them to stay local rather than live in areas like Florida where the tax burden is not so high.

Unlike some parts of the proposal, Kitchens says there has been support on both sides of the aisle for the tax-free retirement income provision. Paired with a middle-income tax rate reduction from 5.3 percent to 4.4 percent, the average tax filer would see a savings of $772 from the proposal. Governor Tony Evers vetoed a similar proposal earlier this year, taking income tax relief from $3.5 billion to $175 million.

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