As the tax reform debate begins to heat up, businesses and investors are beginning to pay closer attention to the House GOP Tax Reform Blueprint, a tax plan released last June by Speaker Paul Ryan and House Ways and...
The facts on Wisconsin’s Tax Climate
7.65%Individual Income TaxTop rate
7.9%Corporate Income TaxFlat rate
$1843Property TaxCollections Per Capita
Wisconsin's Individual Income Tax System
Wisconsin's individual income tax system consists of 4 brackets with a top rate of 7.65%. The top rate ranks 9th highest among states levying an individual income tax. Wisconsin's state and local tax collections per person were $1,258 in 2013, which ranked 13th highest nationally.
Wisconsin's Corporate Income Tax System
Wisconsin's corporate income tax system consists of a flat rate of 7.9%. That rate ranks 15th highest among states levying a corporate income tax. Wisconsin's state and local corporate income tax collections per person were $166 in 2013 which ranked 16th highest nationally.
Wisconsin Sales and Excise Taxes
Wisconsin levies a 5% general sales or use tax on consumers, which is below the national median of 5.95%.The average local sales tax rate is an additional 0.4%. Wisconsin's state and local governments collect $831 per person in general sales taxes and $483 per person in excise taxes, for a combined figure of $1,313, which ranks 35th highest nationally. Wisconsin's gasoline tax stands at 32.9 cents per gallon, 12th highest nationally, while its cigarette tax stands at $2.52, 10th highest nationally.
Wisconsin Property Tax Collections Relatively High
Wisconsin's state and local governments collected approximately $1,843 per person in property taxes in 2013, which ranks 12th nationally.
Tax Freedom Day Arrives on April 27th in Wisconsin
Tax Freedom Day is the day when Americans have finally earned enough money to pay off their total tax bill for the year. In 2016, Wisconsin taxpayers have to work until April 27th (40th earliest nationally) to pay their total tax bill.
Wisconsin's State and Local Tax Burden Ranks 4th
Wisconsin's 2016 Business Tax Climate Index Ranks 43rd
Wisconsin ranks 43rd on the Tax Foundation's State Business Tax Climate Index. The Index compares the states in five areas of taxation that impact business: corporate taxes (32nd), individual income taxes (43rd), sales taxes (13th), unemployment insurance taxes (36th), and taxes on property (33rd), including residential and commercial property.
State Business Tax Climate Index (full study)
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