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State Assembly approves Gov. Walker's tax cut plan

MADISON, WI (WTAQ) - Wisconsin workers and homeowners will get tax cuts, and farmers and factories will see extra tax breaks under a bill passed Tuesday afternoon.

The Assembly voted 61-35 to give final legislative approval to a plan for giving taxpayers most of a nearly $1 billion surplus in the current state budget.

Democrats Stephen Smith of Shell Lake and Nick Milroy of South Range joined Republicans in voting for the final product -- which now goes to Governor Scott Walker, who has said he would approve it. He called taxpayers, "the big winners today."

Homeowners will get an average property tax cut of $131, and income tax filers will get reductions averaging $46. Those are the same numbers the Republican Walker proposed in January.

The Assembly ratified some other changes made by the Senate.

About $100 million of the surplus will go into the state's general fund instead of a rainy day fund for state government emergencies. Also, $38 million in spending cuts will be ordered to reduce the possible structural deficit in the next state budget in mid-2015.

Assembly Democrats failed in another effort to revamp the property tax cut, and use more from the surplus to increase aid to technical colleges for helping train high demand workers.

Walker signed a separate $35 million job training bill from the surplus Monday.

(Story courtesy of Wheeler News Service)

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