Gov. Scott Walker and Republican legislative leaders said Tuesday they plan to cut state income taxes by at least $300 million over the next two years, amounting to $200 per family.
Walker, who earlier alluded to his interest in cutting state income tax rates for middle class residents, noted the state has a $342 million surplus headed into deliberations on the 2013-15 biennial budget and that it’s reasonable to give it back to taxpayers. The new budget must be passed and signed into law by July 1.
Republicans not only control the governorship, but both houses of the Legislature. Assembly Speaker Robin Vos, R-Rochester, said the income tax cut would be at least $300 million to $350 million over the two-year budget cycle. “I hope that’s a low end of the number,” he said.
Vos claimed the state could afford to cut tax rates while also funding K-12 education and the Medicaid program. Lawmakers also are pushing to establish a venture capital program to help businesses in core industry groups, and already have begun work on mining reform legislation.
