Tax Cuts Will Foster Job Growth, Prosperity
MADISON – Governor Scott Walker’s $500 million proposal to cut income and property taxes will provide needed relief to taxpayers and help foster job creation, the head of the State Chamber of Commerce said Wednesday.
Walker is proposing a $406 million property tax cut, a $98.1 million income tax cut and a $322 million savings in income tax withholdings.
Wisconsin Manufacturers & Commerce President\CEO Kurt R. Bauer said:
“Governor Walker’s tax cut plan is what our state needs to help families and businesses keep more of what they earn. As those dollars are kept in the hands of our citizens, we will encourage job creation as people spend that money rather than sending it to state government.”
Bauer noted that Walker and the legislature will have enacted $1.5 billion in tax relief for taxpayers during this most recent legislative session if the new proposal is passed into law. “For too long, Wisconsin has had an unfortunate national reputation as a very high tax state. Walker’s plan continues Wisconsin’s positive transformation and will help make businesses more competitive, which will help create and retain jobs.”
Bauer also said the Governor made the right move by reducing state withholding of income taxes by $322 million.
“When government collects too much money, it is too easy for those funds to be used for government spending increases. Our economy will be in much better shape with nearly $800 million in tax cuts and withholding changes putting spending power into the hands of our citizens instead of Madison bureaucrats.”