Since winning a recall election in 2012, Governor Scott Walker has seen incredible economic success in Wisconsin thanks to successfully keeping collective bargaining in check and through providing major tax cuts to workers.
Today, Walker signed Senate Bill 1 into law, cutting taxes by $504 million over the next two years for workers and families. The legislation slashes property tax rates and wipes out income taxes for manufacturers.
New law will reduce property taxes on a typical home by $100. Property taxes on that home will be lower in 2014 than in 2010!— Governor Walker (@GovWalker) March 24, 2014
Along w/property & income tax relief, withholding reform starts next Tue. Typical working family = $522 more in paycheck this yr.— Governor Walker (@GovWalker) March 24, 2014
This latest round of tax cuts brings Walker's total to $2 billion during his time in office and marks the third time in less than a year taxes have been reduced or eliminated. The legislation is expected to boost the state's budget surplus to $1 billion. When Walker took office, he faced a state budget deficit of $3.6 billion.
"I want to congratulate Governor Walker for designing, promoting, and now signing Senate Bill 1 into law," President of Americans for Tax Reform Grover Norquist said about the legislation. "Scott Walker inherited a state budget that falsely promised to spend more than Wisconsin citizens could afford. He avoided the 'easy' and traditional path of yet again raising taxes and slashing budgets across the board. Instead he reduced taxes to create more jobs and opportunities and therefore more tax revenue while reducing spending by reforming government to perform better at lower costs: specifically Act 10. Reducing the tax burden and reforming government to cost less is the path forward for Wisconsin and the nation."