Doyle announces tax cuts to make life more affordable for middle class families
APPLETON - Governor Jim Doyle today announced a comprehensive budget strategy that will provide sweeping tax relief for hardworking families - from health care to education to Social Security. The Governor made the announcement in Appleton at the home of Joe and Brenda Ketter, joined by their seven kids ranging in age from preschool to a senior in high school.
"Far too many families across the state are getting squeezed," Governor Doyle said. "That's why we've worked hard to make the right, responsible choices to keep life affordable for middle class families. From making quality, comprehensive health care a reality for all citizens, to bringing higher education within reach to all students, to easing the burden of property taxes, Wisconsin is moving in the right direction."
Governor Doyle will include the following tax cuts in his budget next week to help middle class families - like the Ketters - in areas from health care to college tuition.
Making Health Care More Affordable
Governor Jim Doyle proposed to make all health insurance premiums tax free. Governor Doyle's budget proposal would provide a new tax deduction for any post-tax premium payments made to employer sponsored health plans. This new proposal would ensure that any family that makes taxable contributions to their health insurance would be able to fully deduct those premiums.
A health care tax deduction already signed by Governor Doyle that allows people who pay the entire cost of their health insurance to fully deduct their premiums benefits over 80,000 families. According to the Wisconsin Budget Office, this new proposal would benefit an additional 637,300 Wisconsin families and individuals who would be eligible for relief. A typical family that pays a $300 monthly health premium would save about $236 a year.
Making Higher Education More Affordable
Tuition is rising across the country. As his top priority, Governor Doyle is committed to keeping higher education within reach for all Wisconsin students and their families. In addition to his proposal for a $44 million increase in financial aid, Governor Doyle today called for the full cost of tuition at all Wisconsin universities and colleges to be tax deductible. And for the first time, parents and students will be able to deduct the costs of books and fees at all universities and colleges. The proposal increases the maximum tuition tax deduction from $4,536 to $6,000 per student, an increase of 32 percent.
Making Child Care More Affordable
There are over a quarter million children in Wisconsin who have both parents working or who have a working single-parent. Governor Doyle's proposal will provide a tax deduction of up to $3,000 for families with one child in day care and up to $6,000 for families with two or more children in day care. A typical family of four would save nearly $130 on their taxes. It is estimated that over 100,000 households will take advantage of this tax deduction.
Eliminating Taxes on Social Security
In his budget, Governor Doyle will completely eliminate taxes on Social Security - making Wisconsin the best state in the nation for senior citizens with fixed income to live in. Beginning in 2008, the proposal will provide a full 100 percent income tax exclusion for Social Security benefits.
"Far too many families across the state are getting squeezed," Governor Doyle said. "That's why we've worked hard to make the right, responsible choices to keep life affordable for middle class families. From making quality, comprehensive health care a reality for all citizens, to bringing higher education within reach to all students, to easing the burden of property taxes, Wisconsin is moving in the right direction."
Governor Doyle will include the following tax cuts in his budget next week to help middle class families - like the Ketters - in areas from health care to college tuition.
Making Health Care More Affordable
Governor Jim Doyle proposed to make all health insurance premiums tax free. Governor Doyle's budget proposal would provide a new tax deduction for any post-tax premium payments made to employer sponsored health plans. This new proposal would ensure that any family that makes taxable contributions to their health insurance would be able to fully deduct those premiums.
A health care tax deduction already signed by Governor Doyle that allows people who pay the entire cost of their health insurance to fully deduct their premiums benefits over 80,000 families. According to the Wisconsin Budget Office, this new proposal would benefit an additional 637,300 Wisconsin families and individuals who would be eligible for relief. A typical family that pays a $300 monthly health premium would save about $236 a year.
Making Higher Education More Affordable
Tuition is rising across the country. As his top priority, Governor Doyle is committed to keeping higher education within reach for all Wisconsin students and their families. In addition to his proposal for a $44 million increase in financial aid, Governor Doyle today called for the full cost of tuition at all Wisconsin universities and colleges to be tax deductible. And for the first time, parents and students will be able to deduct the costs of books and fees at all universities and colleges. The proposal increases the maximum tuition tax deduction from $4,536 to $6,000 per student, an increase of 32 percent.
Making Child Care More Affordable
There are over a quarter million children in Wisconsin who have both parents working or who have a working single-parent. Governor Doyle's proposal will provide a tax deduction of up to $3,000 for families with one child in day care and up to $6,000 for families with two or more children in day care. A typical family of four would save nearly $130 on their taxes. It is estimated that over 100,000 households will take advantage of this tax deduction.
Eliminating Taxes on Social Security
In his budget, Governor Doyle will completely eliminate taxes on Social Security - making Wisconsin the best state in the nation for senior citizens with fixed income to live in. Beginning in 2008, the proposal will provide a full 100 percent income tax exclusion for Social Security benefits.
posted by Cheryl Hentz at 8:13 PM
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