Governor Scott Walker has signed another round of tax
reductions into law that includes adjustments in the individual income tax
The legislation passed the State Senate 17-15 and the Assembly
by a vote of 61-35.
The adjustment will reduce the amount of state income taxes
withheld from earned income by $322 million.
For a typical family of four, the withholding change will put an
additional $58 in their paycheck every month, or more than $520 in the family
budget by the end of the year.
The package also includes over $400 million in property tax
reductions, and nearly $100 million in individual income tax cuts, targeted to
the lowest income tax bracket.
The legislations increases funding for the Wisconsin Fast
Forward program by $35 million directed to five areas:
- Invest in technical colleges to eliminate waiting lists for
high demand fields including manufacturing, agriculture, and Information
- Help high school students get training in high demand jobs
through dual enrollment programs between our high schools and technical
- Support the year of A
Better Bottom Line initiative, which helps people with disabilities enter
- Allows certain tax credits to be used to offset liability
under the alternative minimum tax;
- Authorizes corporate tax filers to carry forward business
losses for up to 20 years.
taxpayers since Governor Walker took office to about $2 billion.