Yes.
Wisconsin’s highest income tax rate is 7.65%.
For individuals, it applies to all taxable annual income above $323,290.
For married taxpayers filing jointly, the threshold is $431,060.
Lower tax rates apply to taxable income below the two thresholds.
A married couple with taxable income of $450,000 would pay the same tax rate on the portion of their income above $431,060 as a billionaire with $50 million in taxable income would pay on the larger portion of their income above that threshold, said Jason Stein, president of the nonpartisan Wisconsin Policy Forum.
The couple and the billionaire would still have different average tax rates because a different share of their taxable income would be taxed at the highest rates, he said.
Democrats have called for raising the top rate, which ranks 10th highest among the states. Republicans cut the top rate from 7.75% to 7.65% in 2013.
Sources
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