(The Center Square) – There is a new face for tax reform in Wisconsin this week.
Giannis Antetokounmpo, the Milwaukee Bucks’ superstar, is reportedly “intrigued” by a trade to the Dallas Mavericks because Texas doesn’t have a state income tax.
Chris Reader, executive vice president at the Institute for Reforming Government, said Giannis is not the only one in the state who would like to keep more of their salary.
“It shouldn’t come as a surprise that Giannis is doing the math like thousands of employers, families, retirees, young people, and entrepreneurs do every year as they move to states with zero income taxes,” Reader told The Center Square.
Giannis is set to make $54 million next season. He pays Wisconsin’s highest income tax, 7.65%. That means his Wisconsin tax bill would be more than $4 million before any deductions or credits.
Reader said millionaires aren’t the only ones who would benefit from tax reform in the state.
“Tax reform isn’t about helping the rich, it benefits regular Wisconsin families. According to a recentstudy, a household earning $61,105 will see a savings of $2,796 when the income tax is eliminated, helping the middle class save more of their own money,” Reader added.
Reader and IRG have pitched a plan to eliminate Wisconsin’s state income tax before, but the idea has failed to gain any real traction at the statehouse.
“If Wisconsin wants tax reform, we will need politicians to prioritize looking for ways to give money back to taxpayers instead of spending it,” Reader said.
Wisconsin Gov. Tony Evers has proposed raising income taxes on top earners in the state. He pitched a plan to increase the top tax bracket up to 9.8% for couples making more than $1 million, or individuals making more than $500,000.
Reader said Wisconsin needs to go the exact opposite way.
“If a zero income tax state can pull Giannis to Texas, imagine what a difference no income state income tax could make for a young family, job-seeker, entrepreneur, or retiree deciding where to build a life or a business,” Reader added. “Eliminating Wisconsin’s income tax would help retain and attract the best and brightest. States with no income tax are winning the competition for talent.”
