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I Live in Wisconsin. Will My Taxes Go Down?

TalonStrike

TalonStrike

Senior member
I live in Wisconsin, where Scott Walker is the governor. In his budget, he is cutting a lot of funding for public sector jobs. I have a private sector job. Will my taxes go down since less money will be going toward public workers?
 
Last edited by a moderator:
So basically, this new budget is bad for state workers, and not particularly good for private sector workers. Can't wait to recall Walker.
 
TalonStrike said:
So basically, this new budget is bad for state workers, and not particularly good for private sector workers. Can't wait to recall Walker.
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You think it's not particularly good for private sector workers because you don't understand that deficit spending results in more taxes in the future. The money the government spends is going to have to come from you, so spending less is good.
 
Thump553 said:
That money is going to corporate giveaways and subsidies. No, your taxes won't go down.
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There it is.

If you were one of the guv's corporate cronies, the answer would be yes- your taxes would go down. Obviously you're not, or you'd know, right?
 
It's definitely not a "retiree-friendly" state...
http://finance.yahoo.com/focus-reti...rement&cat=fidelity_2010_living_in_retirement

#8 WISCONSIN
State Income Tax: 4.6%-7.75%
State Sales Tax: 5% (counties can add another 0.5%)
Estate Tax/Inheritance Tax: No/No

The Dairy State exempts Social Security benefits and military-related pensions from its state income taxes, but it taxes most other pension and annuity income the same way the federal government does. Retirees 65 and older can subtract $5,000 of qualified retirement income, including IRA distributions, from their Wisconsin taxable income, subject to income restrictions. Some Wisconsin state- and local-government retirees qualify for a tax exemption. But out-of-state government pensions are fully taxed. Food and prescription drugs are exempt from state sales taxes. Some homeowners may qualify for a school property-tax credit against their state income tax.
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Contrast that with the more retiree-friendly states:
http://content.kiplinger.com/slideshow/TaxFriendlyStatesRetirees/2.html#top

#1 WYOMING
State Income Tax: None
State Sales Tax: 4%
Estate Tax/Inheritance Tax: No/No

Thanks to the abundant revenues that Wyoming collects from oil and mineral companies, its residents have one of the lowest tax burdens in the nation, according to the Tax Foundation, a nonprofit research group in Washington, D.C. There is no state income tax. The state sales tax is 4%, and counties in the Equality State can only add up to 1% in additional levies -- a very low ceiling. Plus, prescription drugs and groceries are exempt from state sales taxes. For most property, only 9.5% of market value is subject to tax, so a home worth $100,000 is taxed on $9,500 of assessed value.
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#8 SOUTH CAROLINA
State Income Tax: 3%-7%
State Sales Tax: 6%
Estate Tax/Inheritance Tax: No/No

South Carolina extends its Southern hospitality to retirees. The Palmetto State exempts Social Security benefits from state income taxes, and it allows residents 65 and older to deduct up to $15,000 per person ($30,000 per couple) of qualified retirement income when calculating their state income tax. Retired military personnel 65 and older can deduct up to $10,000 of military retirement benefits. Property taxes are very low. Taxes are based on 4% of the market value of a home, and homeowners 65 and older qualify for a homestead exemption that excludes the first $50,000 of their property's fair market value from property taxes. Sales taxes can be high, though. The statewide rate is 6%, and counties can levy an additional 2%. Prescription drugs are exempt.
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TalonStrike said:
I live in Wisconsin, where Scott Walker is the governor. In his budget, he is cutting a lot of funding for public sector jobs. I have a private sector job. Will my taxes go down since less money will be going toward public workers?
Click to expand...

Oh look, it's the college student being fed pro-union propoganda.

Actually, yes, if you actually make money then your tax obligation will go down. The only other way is for you to pay more tax. Hail Patriot Walker, defeat the liberal scum bottom feeders.
 
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