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Warnings of tax penalites for retirement funds

November 15, 2009 By

A lawmaker warns Wisconsin will be put further into a business-unfriendly position if the legislature doesn’t adopt new federal tax guidelines.

State Senator Glenn Grothman (R-West Bend) is introducing legislation to change Wisconsin’s IRA and 401K limits to conform to federal law next year.

“Wisconsin is in danger of being the only state in the country in which you could not give $16,500 to your 401k or $5,000 to your IRA next year.”

The West Bend Republican says in 2010 Wisconsin will end up reverting to the old limits from 2001, limiting taxpayers to take a $2,000 IRA deduction and a $7,500 401k reduction.

“Why would we want to make Wisconsin the only state in the country in which you are penalized for doing so? This is the problem we have in Wisconsin. Your more successful people keep leaving and the type of people who go on welfare keep coming in.” [Read more...]

Filed Under: Politics & Government

Barrett says he’s in

November 15, 2009 By

Milwaukee Mayor Tom Barrett has ended the speculation, announcing his candidacy to succeed Governor Jim Doyle. “I’m running because I love my family, I love this state, and I’m concerned about its future,” Barrett said Sunday.

Barrett concedes it’s a tough time to be a candidate. “I think people are unhappy with government at all levels. I think people recognize that the problems that we have in this state, in this nation, didn’t begin in January, they didn’t begin four years ago, they didn’t begin eight years ago. These are problems that have building, literally for decades. And I think what people want now, is they want us to work together and not have partisan solutions, and that’s what I’m committed to.”

AUDIO: Tom Barrett (5:25 MP3)

Pressure from the White House has been rumored for weeks, but Barrett discounted that. “My decision, as you know it took some time to make this decision, it was influenced really by what’s right for my family,” said Barrett, who added that while he hasn’t been “campaigning for governor for the last three or for years,” he’s confident he can get his message out in the next twelve months. Barrett, who was injured in a scuffle with a man outside State Fair Park in August, also said he needed time to heal. [Read more...]

Filed Under: Politics & Government Tagged With: ,

Wausau selling water

November 15, 2009 By

Six thirsty central Wisconsin communities will be able to tap into Wausau’s water. Wausau notified the six communities of their intent to sell water via a yet-to-be built pipeline along Highway 29. Abbotsford public works administrator Bill Beil says his city desperately needs a new source of water. “We’ve got to have more water, and we think that this is the best source,” says Beil. “Everybody can’t be drilling twelve, thirteen, fourteen wells. It’s insane.”

AUDIO: Matt Lehman reports (:35 MP3)

The Department of Natural Resources has mandated that Abbotsford find a new supply before April. If that doesn’t happen, Biles believes the city would have to start water rationing. The water the communities get would not be their primary source, but would only supplement what they need.

The next step is to find enough money to pay for the pipeline. Beild doesn’t think that will be a problem, since some sources have already verbally committed to spending money. Joining Abbotsford in buying Wausau’s water would be Colby, Edgar, Marathon City, Marshfield, and Spencer.

WSAU’s Matt Lehman submitted this report

Filed Under: Environment & Conservation, Politics & Government