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For Immediate Release Friday, March 27, 2009 Contact: Linda Barth, Department of Administration, 608-266-7362 Governor Doyle Announces $2.3 Billion in Tax Relief for Wisconsin CitizensMaking Work Pay Credit Provides an Average $500 for State Taxpayers |
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Eligible workers will benefit from this credit without any action on their part. For people who receive a paycheck and are subject to withholding tax, the credit will typically be handled by their employers through automated withholding changes this spring. These changes will result in increased take home pay for most workers. The credit is refundable, which makes it available even to those who have no tax liability, such as low income workers. It is worth up to $400 for individuals and $800 for married couples, and is phased out starting for incomes exceeding $75,000. The provision does not impact a taxpayer’s Wisconsin income tax liability. The Making Work Pay Credit is part of a total $5.2 billion in tax savings for Wisconsin families and businesses over the next three years included in the federal recovery plan. - 30 - |