Wisconsin Republicans propose $3.4 billion tax cut
MADISON, Wis. (AP) — Wisconsin Republicans are preparing to insert a $3.4 billion tax cut in the state budget.
The Legislature’s Joint Finance Committee is poised to make its final revisions to the 2021-23 spending plan Thursday evening.
Republican leaders announced at a news conference before the committee met that the tax cut will translate to $1,200 in savings for a typical family through income tax relief and property tax relief.
They plan to eliminate the personal property tax, a tax businesses pay on items such as furniture and machinery, as well.
The Republicans also said they plan to fund two-thirds of Wisconsin school costs, a move they say will ensure schools receive $2.6 billion in federal coronavirus relief money. The GOP didn’t release any details of the plan.
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