Wisconsin workers and property owners will soon be one step closer to getting a major tax break.
The state Senate is scheduled to meet late this morning to act on a $504 million tax cut package. Majority Republican leaders say they have enough votes in both houses to pass it. The agreement will give Republican Walker the original tax cuts he proposed in January, including a $131 property tax reduction this year for the median-priced home, plus a $46 average income tax cut.
The GOP negotiated some late changes on other parts of the package. Another $100 million would be placed into the state’s general fund, instead of the original idea of expanding the government’s rainy day fund. Also, there are $38 million in new spending cuts to off-set a possible structural deficit to start the next budget period.
Democrats still say the middle class would not get enough of the tax break, to be funded by a projected billion dollar surplus in the current state budget.
Senators are also expected to spend another $35 million of the surplus on job training grants.
