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Legislative Fiscal Bureau finds Walker tax cuts higher than expected

MADISON, WI (WTAQ) - The proposed Walker tax cuts would be higher than the governor claims.

The non-partisan Legislative Fiscal Bureau agreed Tuesday that the Republican Walker's plan would reduce local property taxes by an average of $101 this year. The bureau also said the governor's plan would wipe out an increase of $31 that was planned for the typical December tax bill.

So the property tax cut would actually be $131 for a home assessed at $151,000. Also, the Fiscal Bureau said Walker's proposed income tax cut would amount to an average of $46 -- making the total tax cut $177.

The cuts represent just over half of a surplus in the current state budget that's projected to be almost $1 billion. Lawmakers are expected to act in the next few weeks.

Democrats and some Republicans say they're more concerned about eliminating an expected deficit at the start of the next budget in mid-2015.

The Fiscal Bureau says the structural deficit would be $807 million -- $99 million more than before the tax cuts were proposed.

Meanwhile, the state Revenue Department has unveiled new income tax withholding tables for employers to adopt by April 1st.

Walker does not need legislative approval to adjust the withholding tables -- which he says would put more money in workers' pockets now instead of next spring as part of people's tax returns.

(Story courtesy of Wheeler News Service)