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Report: State budget would cut taxes by $677M

MADISON, WI (WTAQ) - The proposed Wisconsin budget would cut state taxes by a net of $677 million over the next two years.

That’s what the non-partisan Legislative Fiscal Bureau has concluded.

The agency released its report Thursday, just a few days before the state Assembly starts acting on the two-year spending package.

The Fiscal Bureau said taxes would be cut by a total $685 million – and the net savings is reduced by $7.7 million, which is the amount of fees that the budget would increase.

Among other things, the budget includes an increase in enforcement efforts to collect overdue taxes.

The Fiscal Bureau says the effort will bring in an extra $92 million over the two-year budget period.

Democrats say the proposed tax cut favors the rich. Republican supporters say all income brackets would see reductions.