Governor Scott Walker has signed another round of tax
reductions into law that includes adjustments in the individual income tax
withholding brackets.
The legislation passed the State Senate 17-15 and the Assembly
by a vote of 61-35.
The adjustment will reduce the amount of state income taxes
withheld from earned income by $322 million.
For a typical family of four, the withholding change will put an
additional $58 in their paycheck every month, or more than $520 in the family
budget by the end of the year.
The package also includes over $400 million in property tax
reductions, and nearly $100 million in individual income tax cuts, targeted to
the lowest income tax bracket.
The legislations increases funding for the Wisconsin Fast
Forward program by $35 million directed to five areas:
- Invest in technical colleges to eliminate waiting lists for
high demand fields including manufacturing, agriculture, and Information
Technology;
- Help high school students get training in high demand jobs
through dual enrollment programs between our high schools and technical
colleges;
- Support the year of A
Better Bottom Line initiative, which helps people with disabilities enter
the workforce;
- Allows certain tax credits to be used to offset liability
under the alternative minimum tax;
- Authorizes corporate tax filers to carry forward business
losses for up to 20 years.
The recent tax changes have pushed total tax relief provided
taxpayers since Governor Walker took office to about $2 billion.
