Huh, you say? Let me explain.
Walker’s much-ballyhooed $100 million tax cut, as everyone should know by now, translates into roughly $13 per household. That $13 per year equals 3.5 cents per day, so if you save it up for a week, you’ll end up with a full entire quarter. That’s just enough to buy a gumball at any of our local grocery stores. If your house is particularly nice, you might end up with two or three gumballs. Of course, if you’re poor and don’t own a home, sorry, no gumballs for you.
But for the sake of argument, let’s say you’re a one-gumball person. Most of us are. Looking forward to it? Think again. Since state and local taxes are deductible from your federal taxes, every tax cut you get from the state means you'll have to pay more in federal taxes. If you’re in the 25 percent tax bracket, then you’ll have to send every fourth gumball to the IRS. Now you’re down to just three a month.
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But hey, a gumball is a gumball. Which would you rather have, better schools for Wisconsin’s children, or a handful of gumballs? Personally, I’m grateful to the governor for this. I’d write him a thank-you note, except that my tax savings won’t cover the cost of a postage stamp.
Tom O'Brien, Reedsburg