In a move that is set to impact taxpayers across the state, Wisconsin officials have announced significant changes to the taxation system for 2026. The changes, which were unveiled by Governor Rebecca Daniels during a press conference earlier today, are aimed at generating additional revenue for the state while also providing relief to low and middle-income residents.One of the key changes is the introduction of a new tax bracket for high-income earners. Starting in the 2026 tax year, individuals earning over $250,000 annually will be subject to a higher tax rate of 10%, up from the previous rate of 7%. This is expected to bring in an estimated $100 million in additional revenue for the state.On the other hand, individuals earning less than $50,000 annually will see a reduction in their tax rates. The first $25,000 of income will now be completely tax-free, while the remaining income will be taxed at a reduced rate of 3%, down from the previous rate of 5%. This is aimed at providing relief to low-income workers and families struggling to make ends meet.In addition to these changes, the state government also announced a series of tax credits and deductions aimed at incentivizing investment in renewable energy, affordable housing, and small businesses. These credits are designed to encourage economic growth and address pressing issues such as climate change and income inequality.Governor Daniels expressed confidence that these changes would strike the right balance between generating revenue for the state and providing relief to those who need it most. She emphasized the importance of a fair and equitable taxation system that benefits all residents, regardless of their income level.The changes are set to take effect immediately, with taxpayers advised to consult with their financial advisors or tax professionals to understand how these changes will impact them personally. Overall, the new taxation system aims to create a more equitable and prosperous future for the residents of Wisconsin.