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Average tax cut under Walker plan put at $177

Jan. 29, 2014
 
Gov. Scott Walker / File

MADISON — The average taxpayer who owns a typical home would save $177 under Gov. Scott Walkerís property and income tax cut proposal, a new analysis of the plan released Tuesday by the nonpartisan Legislative Fiscal Bureau shows.

The memo comes as lawmakers continue to digest Walkerís $504 million tax cut plan, which he unveiled last week in his State of the State speech. The tax cut is made possible by a budget surplus thatís $912 million more than originally estimated.

Some Republicans in the Senate are questioning whether to go along entirely with Walkerís tax cut plan, because it would increase the stateís projected budget shortfall by about $100 million to $807 million.

Democrats, who donít have the votes to stop it, also have criticized increasing the stateís structural deficit. They also have said the proposed tax cuts donít go far enough to help middle-class and poor people, particularly those who donít own homes or have no income tax liability.

The Legislature is expected to act on Walkerís plan in the coming weeks.

The Fiscal Bureau memo shows that the average income tax cut for all filers would be $46. The owner of a median-valued $151,000 home would save $131 under the plan.

Under current law, property taxes for the owner of a median-valued home are projected to increase by $31. Walkerís plan to replace a portion of the technical college tax levy with state dollars would result in a $100 drop in property taxes, resulting in the $131 savings.

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