UPDATE: Wis. Assembly Passes $504 Million Tax Cut Bill

By: Associated Press Email
By: Associated Press Email

UPDATE: Tues 5:52 PM, Feb. 11, 2014

MADISON, Wis. (AP) -- The state Assembly has passed Gov. Scott Walker's $504 million property and income tax cut plan on a bipartisan 62-37 vote.

The vote Tuesday now sends the bill to the Senate, where Republicans in control there have said they want to make changes to how much money is put into savings while not significantly altering the tax cuts.

Before passing the bill the Assembly rejected a Democratic alternative that called for spending more on job training and reducing property taxes.

Republicans say they support Walker's plan because it returns much of a $912 million budget surplus.

Walker's proposal would cut property taxes for the owner of a typical home by $131 on the bill mailed in December. It also would reduce income taxes by an average of $46 per taxpayer.

ORIGINAL STORY: Tues 10:18 AM, Feb. 11, 2014

MADISON, Wis. (AP) -- The Wisconsin state Assembly plans to vote on Gov. Scott Walker's proposal to cut property and income taxes by $504 million.

The scheduled vote Tuesday comes even as Republican Senate Majority Leader Scott Fitzgerald has been critical of the Assembly moving ahead before the Legislature's budget committee has considered the bill.

Senate Republicans are pursuing changes to the proposal, specifically related to how much money is put in the state's rainy day fund, akin to a savings account, and how much is kept in the state's general fund, which acts like a checking account.

Democrats don't have the votes to stop the bill in the Assembly. They have been critical of how the tax cuts are structured, saying they don't do enough to help the middle class.

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