A blueprint for prosperity was unveiled by Governor Scott Walker during the Annual State of the State address to a Joint Session of the Legislature. The centerpiece of his proposal is a reduction in property taxes by over $406 million, and income tax cuts of nearly $100 million.
The tax reductions are possible as a result of the state’s economy projected to grow at a higher rate than previous estimates.
The Governor has also proposed reducing withholding for state income taxes by $322 million, and setting aside $100 million for the state’s rainy day fund.
NFIB’s State Director, Bill G. Smith, said, “The Governor’s initiative would help free up business capital for investment and encourage more consumer confidence, which is what small business needs the most.”
The tax cut package is being reviewed by members of the Assembly and Senate. A vote is expected in mid to late February.
NFIB members are encouraged to contact their elected officials to urge support for the Governor’s Tax Cut Proposal.