|Gov. Walker Pledges Major Tax Cuts for Wisconsin Homeowners|
|by Tom McGregor||Tue, Jan 21, 2014, 11:24 PM|
Gov. Scott Walker of Wisconsin, a Republican, has dramatically cut State spending during his term in office. Accordingly, Wisconsin will enjoy a surplus from tax revenues and the governor has pledged to offer substantial tax cuts for Wisconsin residents.
The Milwaukee Journal Sentinel reports that, "Typical homeowners would see their property and income taxes drop by about $150 a year, under a $504 million plan that Gov. Scott Walker will spell out Wednesday in his "state of the state" address. Walker's plan, detailed to reporters Tuesday in his Capitol office, would tap into some of the $911.9 million in unexpected tax collections to trim $406 million from property taxes and $98 million from income taxes over the next 18 months."
Gov. Walker is quoted as saying that, "This (surplus) is in place because the economy has gotten substantially better. In addition to that, it's also because of good fiscal management and so really that's going to be our focal point in talking about this. ... I believe that's why it is so imperative to put the lion's share of the money back in the hands of taxpayers."
According to the Milwaukee Journal Sentinel, "That would translate into a $101 cut to the property tax bill on a median-valued home worth about $151,000. The income tax cut would amount to $44 to $58 per tax filer. Additionally, Walker plans to change state policies to reduce the amount in income taxes withheld from workers' paychecks, resulting in a family of four receiving about $58 more each month on their paychecks. That policy change would get people their money more quickly but wouldn't amount to an additional tax cut, since it would lower their April 2015 tax refunds."
Gov. Walker is considering a bid to run for the GOP nomination for President in 2016.
To read the entire article from the Milwaukee Journal Sentinel, link here:
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