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Sic Semper Tyrannis

Wednesday, January 28, 2009

Tax Breaks Brought To You By Last Year's Assembly Republican Majority

From the Wisconsin State Journal:

For individuals, this year's state tax changes include:

-- Exempting Social Security payments from state income taxes.

-- Raising the post-high school education tuition deduction to $5,114, from $4,843.

-- Expanding the deduction for at least part of the cost of health insurance premiums. For example, people who are self-employed or retired can deduct two-thirds of the cost of their premiums, up from one-third of the cost last year, and that will rise to 100 percent on next year's returns.
None of which would have happened without Assembly Republicans.

Oh, and I loved this part about the estate tax (emphasis added):

Eliminating the estate tax is another big change, said Julie Bogle, tax manager for Smith & Gesteland, Madison...

While the cost of living here may be lower than in some other states, "when you added in the estate tax, that was a significant problem for people," she said. "They had $30,000, $40,000, (or even) $50,000 that would be due, that wouldn't be due if they moved across the border to Iowa."
Incentives matter.