Wisconsin Republicans propose tax-free retirement plan, aiming to exempt $75,000 of retirement income for single filers and $125,000 for married joint filers.
Earlier this year, the 2025 legislation was proposed and approved, only to be later vetoed by Gov. Tony Evers.
Wisconsin to Introduce New Legislation for Tax Exemption on Retirement Income
In an effort to provide additional financial relief for retirees, Wisconsin is set to introduce new legislation that will exempt retirement income from taxes.
This legislation will be in addition to the existing tax-exempt status of retirement income, such as Social Security, in the state. Wisconsin will join thirteen other states, including Illinois and Iowa, that already have tax-free retirement laws in place.
Kitchens, Rep. David Steffen, R-Howard, and Sen. Rachel Cabral-Guevara, R-Fox Crossing will once again sponsor the legislation.
In a statement, Cabral-Guevara emphasized the importance of allowing retired parents and grandparents to retain the funds they have diligently saved over the course of their careers. She strongly believes that penalizing them for choosing to stay close to their family in Wisconsin after retirement is not a fair approach towards our senior citizens.
Cabral-Guevara has consistently expressed her confidence in the ability of Wisconsinites to make wiser spending decisions with their own money, rather than relying on the government for financial management.
Source: Newsbreak
