WI Economic Success: Record Surplus, Low Unemployment, Historic Tax Cuts

By: Governor Tony Evers

We need an economy that works for everyone in Wisconsin.

We need an economy that works for everyone in Wisconsin. Regardless of where you live in our great state, we need economic opportunities that support communities and families for generations to come. That’s why we’ve taken a common sense approach to growing our economy and, even in the face of unprecedented challenges, we have one of the strongest economies in Wisconsin history.

Our economic strength is built around working families. When I took office, I promised to cut income taxes for working families by 10 percent – not only have we made that happen, but beginning in 2022 working families will see their state income taxes slashed by a full 15 percent.  That’s a fact you may not have heard as the media doesn’t often cover positive news but our state income tax cut will mean more money in your pockets and more money that will support small businesses and grow communities in every corner of the state. 

As we deal with rising prices across the country, I believe you should keep more of your paycheck, and with these income tax cuts 2.4 million taxpayers will see relief in 2022. It’s the right thing to do and we were able to get it done on a bipartisan basis. 

Working families aren’t the only ones seeing tax relief. Last year, I was proud to sign nearly a half billion dollars in relief to Wisconsin small businesses as they recover from the pandemic. Combined, my administration has delivered more than $4 billion in tax relief to support the state’s economic growth. 

We’ve also supported the state’s economic growth through innovative programs to help our small businesses grow.

Our Wisconsin Tomorrow Grant program will deliver over $400 million to support small businesses by helping them hire employees, stock their shelves, and continue serving communities. We’ve also created an innovative grant program that has helped more than 2,000 small businesses open brick and mortar locations on main streets across the state, not only creating new jobs, but revitalizing downtown areas and priming economic growth. And we’ve invested in Wisconsin’s tourism and entertainment industries with grants to live music venues, movie theaters, and more destinations across the state.

Even with these historic investments back into communities and families, Wisconsin still has the largest budget surplus and biggest rainy-day fund in the state’s history. Last year the state’s bond rating was also increased thanks to our economic success, earning a AAA rating from one agency for the first time in 40 years. That means we not only have the resources to do even more, but we’re ready to tackle any challenges that come our way in the future. 

Our work isn’t done and I’m not letting my foot slip off the gas for a second. One of our biggest challenges is filling job openings across the state. That’s why we’re making investments in programs to help workers access training programs and apprenticeships for in-demand jobs. We’re also finding solutions to barriers to employment, including access to child care. 

We’re doing what’s right to grow Wisconsin’s economy in 2022. I can’t wait to see what we continue to accomplish together. 

Tony Evers is the Governor of the State of Wisconsin. Learn more about him and his plans for the state at www.TonyEvers.com