Scott Walker Republicans are introducing another proposal to cut taxes for corporations and the wealthy, despite projections from the nonpartisan Legislative Fiscal Bureau that show the plan would grow the state’s deficit by $350 million.
Supported by Assembly Speaker Robin Vos, the $425 million plan by Rep. Dale Kooyenga would effectively tax wage earners making up to $319,459 a year at the same rate as someone who earns $14,511.
According to the Legislative Fiscal Bureau, the Republican plan would cost $914 million in the 2015-17 budget, adding $350 million to the state’s deficit. It would also eliminate the working families tax credit and certain corporate tax credits that benefit dairy manufacturers and farmers.
“A budget-busting tax cut that adds $350 million to our deficit and primarily benefits the wealthy may play well in Scott Walker’s run for the Tea Party nomination for President, but it is the wrong priority for Wisconsin families and one Wisconsin voters soundly rejected in last year’s Presidential election,” Democratic Party of Wisconsin Chair Mike Tate said Wednesday. “After last session’s historic $1.6 billion cut to public education, we should be re-investing in our public schools, not tax relief for people who make more than $300,000 per year.”
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