Tax cuts passed by Republican Governor Scott Walker and Republican legislators over the last four years totaled $1.93 billion, according to a summary released today by the Legislative Fiscal Bureau. Some of the more than 50 tax cuts in the report were also supported by Democrats. LFB listed the biggest changes as $647.9 million in income tax cuts in the 2013-15 budget, a $406 million cut in property taxes by raising state aid to technical colleges, a $134 million tax deduction for new employees, and manufacturing and agriculture credits, and changes in the corporate tax code, that totaled $252.8 million. But LFB Director Bob Lang also warned legislators that some of the tax cuts they passed cost nothing in the four years he surveyed (2011-15), but will in the future. For example, Lang said, a new cut in capital gains tax will cost $79.4 million in every year after 2020. Link to the LFB memo legis.wisconsin.gov/lfb/publications/Miscellaneous/Documents/2014_04_30_Tax%20Law%20Changes.pdf
Posted on: Wed, 30 Apr 2014 18:03:47 +0000
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