Last week, the Wisconsin Senate passed Walker’s tax cut proposal, Senate Bill 1, by a vote of 17 to 15. The proposed legislation provides over $500 million in tax cuts for hardworking taxpayers in the Badger state.
SB 1 benefits Wisconsin taxpayers by cutting income and property taxes for families and businesses, and eliminating income taxes for Wisconsin manufacturers. According to the Journal Sentinel:
- “Walker's plan for the surplus prioritizes the tax cuts and a roughly $320 million overhaul of income tax.
- The average income tax filer would receive a tax cut of $46 in April 2015 and the typical homeowner would save $131 over the existing law on this December's bills, according to the Legislature's nonpartisan budget office.
- Workers will have less taken out of each paycheck — about $520 a year for a married couple making a total of $80,000 a year — starting in April.
- The bill would also lower income taxes for factory and farm owners by $36.8 million over the current two-year budget and $91.3 million over the following two years.”
Furthermore, Law360 reports:
- “Tax cuts would reduce a homeowner's property tax bill by $101
- A family making $40,000 would save approximately $58 in state income taxes, according to figures provided by Walker's office.”
After the tax cut proposal passed the Senate, GOP members emphasized their commitment to reducing the burden on taxpayers in the state and bringing Wisconsin out of a recession: Senate Majority Leader Scott Fitzgerald (R-Juneau) stated, “The bottom line is what a great day for the state of Wisconsin — to finally be out of what was a dark time for Wisconsin.”
After the more than 20 federal tax increases imposed by Washington over the last four years, Gov. Walker’s tax plan provides much needed relief to taxpayers at the state level. Wisconsin taxpayers know how to manage their money better than the government does. Governor Scott Walker’s proposal will allow Wisconsin individuals, families, and employers to keep more of their hard earned income.
Photo credit to Gage Skidmore.