*Photo courtesy Jenn Sullivan, WFRV-TV Green Bay
MacIver News Service | March 24, 2014[Madison, Wisc…] Gov. Scott Walker signed into law his more than $500 million tax cut package on Monday after the Assembly passed the Senate version of the bill last week.
The tax cut plan was originally introduced during Walker’s State of the State address in January. It will cut property taxes $406 million by changing how the state’s technical colleges are funded and cut income taxes $98 million by reducing the bottom tax bracket rate from 4.4 percent to 4.0 percent.
Property taxes will drop about $100 on the median-valued home in Wisconsin. The income tax cut, added to the tax relief passed in the budget, will save the average family about $230.
On top of the tax cuts, Walker instructed Department of Revenue Secretary Rick Chandler to reduce the state’s income tax withholding table rates by $323 million. That change will be effective on April 1st. A typical Wisconsin family will get more than $500 more in their paycheck throughout the year because of the withholding changes.
“This is a great day for the hardworking taxpayers of Wisconsin. Signing this bill means lower property taxes and lower income taxes, in addition to our withholding changes which mean more money to take home in each paycheck,” Walker said in a statement. “This is a stark contrast to the fiscal house we inherited. Now, instead of billion dollar budget deficits, we have a surplus – and today that money is on its way to the workers, parents, seniors, property owners, veterans, job creators, and others.”
Since Walker took office, he has cut taxes by about $2 billion. The current tax cut package will provide $859 million in tax relief through fiscal year 2015.