In yet another move to lessen the burden of the taxpayers of Wisconsin, Governor Scot Walker is set to propose $800 million in tax cuts and reductions using the $900 Million revenue windfall. Instead of creating a vast new entitlement or spending the extra funds to expand the state government, Walker will give the money back to taxpayers, saving the average family of four about $700 per year.
“Walker's tax cut plan would:
- Put more than $800 million back into the hands of taxpayers through property and income tax cuts and withholding changes.
- Reduce property taxes by over $406 million—more than four times larger than the property tax relief we passed last year...The average homeowner will see a reduction of $101 dollars on their next property tax bill.
- Reduce income taxes by nearly $100 million—all of which would go into reducing the lowest income tax bracket from 4.4 percent to 4.0 percent. Whether you are a family making $40,000, $50,000 or $100,000, you will save about $58 per year.
- Reduce withholding tax for state income taxes by $322.6 million—this will let Wisconsinites keep more of their paychecks. It will put more money in the hands of consumers and will continue to stimulate the economy. A typical family of four will see about $58 more in their paychecks each month.”
Gov. Walker himself asserts that "This (surplus) is in place because the economy has gotten substantially better," Walker said. "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."
Governors looking to add to their 2016 resumes should follow in the footsteps of Scott Walker, a true believer in the concept of letting taxpayers keep as much of their hard-earned money as possible.