MacIver News Service | January 22, 2014[Madison, Wisc…] Governor Scott Walker is expected to announce more than $800 million in tax cuts during his state of the state address Wednesday night that will reduce income taxes, property taxes, and income tax withholding.
Walker announced his plan late Tuesday.
The tax cut package will reduce property taxes by $406 million and income taxes by $100 million. Property taxes will be reduced by lowering the mill rate for the technical college levy, which will provide equal reductions across the state. Income taxes will be reduced for the lowest tax bracket, from 4.4 percent to 4.0 percent.
Income and property tax changes are expected to save taxpayers nearly $160 this year.
The Governor also plans to reduce the amount of tax withholding by $323 million. A typical family of four is expected to see about $58 more a month in their paycheck thanks to this change.
Republican leaders in the Assembly and the Senate have said they support the plan, which they are expected to pass during the spring session.
Complete details of the plan are expected during Walker’s speech on Wednesday, which you can follow @MacIverWisc on Twitter for live updates beginning at 7PM.