Tax Wealth Like Work
Reimagining Wisconsin would mean a state where care works, work pays, and communities care for one another. Those are choices we can make together — and they require a tax system that asks people and corporations with the greatest resources to contribute their fair share.
Right now, Wisconsin’s tax code is rigged to give special treatment to the wealthy and powerful few, putting them on a different playing field than the rest of us. The result? The wealthiest 1% pay a lower overall tax rate than the rest of us.
We can change those rules and use the revenue to make everyday life more affordable.
A fairer tax system asks those with more to contribute their fair share. Here’s the roadmap.
4 Fair Revenue Priorities
Make millionaires pay their fair share. Add a tax bracket for the highest incomes so those with the most can contribute fairly. Estimated Annual Revenue: $923 Million
Tax income from wealth like income from work. End Wisconsin’s tax preference for capital gains — profits from selling investments. Estimated Annual Revenue: $246 Million
Make large corporations pay the taxes they owe. Close the “water’s edge” loophole that lets corporations keep some profits outside Wisconsin’s tax calculation. Estimated Annual Revenue: $328 Million
Tax multi-million dollar inheritances. Restore an estate tax exempting the first $3.5 million, paired with ending stepped-up basis at death. Estimated Annual Revenue: $376 Million
Total Estimated Annual Revenue: $1.873B
Estimates from the Institute on Taxation and Economic Policy (ITEP), based on the full Reimagine Wisconsin revenue menu.