New Analysis Shows Federal Tax Reform Could Add Over 65,000 Jobs to Wisconsin’s Economy and Boost Wages by Nearly $2.5 Billion
Historic reforms will turbocharge Wisconsin’s economy, adding tens of thousands of jobs while cutting the tax burden for working families
MADISON, Wis. - Wisconsin’s economy could see a big boost if Congress completes its work to overhaul the tax code for the first time in 30 years, according to a new analysis released today by the MacIver Institute.
John Dunham & Associates calculates that 65,318 jobs would be created in 2018 if tax reform is enacted. The same study shows that Wisconsin workers could see their wages increased by nearly $2.5 billion.
The study also showed significant tax reductions for Wisconsin taxpayers – especially those in middle to lower income households, who would see their taxes reduced by as much as 8.7 percent.
Dunham modeled the analysis off the House-passed version of the bill. A conference committee is working this week to produce a final version of the bill that is expected to be taken up for a final vote next week.
“Our IRS code is one of the most complex and costly tax systems in the world. We are well past due to make our tax code more competitive, fairer and less costly. This analysis shows that Wisconsin workers, small businesses and corporations all will be big winners if Congress finishes the job on tax reform,” said Brett Healy, president of the MacIver Institute.
“With all the work Governor Walker has done to reform the tax and business climate in Wisconsin, we are primed for an economic boom. If Congress can pass this tax cut and comprehensive reform of the tax code, it will launch the Wisconsin economy and have a real impact on the lives of all Wisconsinites,” Healy said.
“The bottom line is this: This is a once-in-a-generation opportunity to dramatically reform the federal tax code. It’s the peoples’ money, let them keep it. They’ve earned it,” Healy said.
Fast Facts - The study found the House-passed tax reform bill will:
- Grow Wisconsin wages by $2.5 billion in 2018
- Add more than 65,000 Wisconsin jobs in 2018
- Increase Wisconsin’s economic growth by 0.7% over 10 years
- Cut Wisconsinites’ income tax burden by up to 8.7%
- MacIver Institute/John Dunham & Associates Report: GOP Tax Reform Bill Creates Jobs and Cuts Taxes for Wisconsin Residents