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December 30, 2006

Wisconsin Resident's Total 2006 Tax Rate: 33.4% of Income

WISTAX:

For the third consecutive year, total taxes paid by Wisconsin individuals and firms relative to personal income increased in 2006. They now claim 33.4% of income, up from a 2003 low of 30.7%. Both the federal and state tax burdens increased in 2006, while the local government burden dipped slightly.
  • State tax collections rose 5.3%, while federal receipts grew 5.2%. Both increases were smaller than in 2005.
  • Local tax collections, primarily property taxes, rose 2.5% in 2006. The increase was the smallest since 1998's 1.8% rise.
  • For the sixth consecutive year, sales tax collections increased less than 5%. Prior to 2001, the sales tax rose at least 5% for nine straight years.
  • Wisconsin's top income tax rate is 6.75%. Since 1978, when the top rate was 11.4%, it has been lowered five times.
  • Personal income rose 4.2% in 2005, lower than 2004's 6.2% increase

Posted by Jim Zellmer at December 30, 2006 6:02 AM
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