Wisconsin Assembly poised to consider tax cut plan

The Wisconsin state Capitol in Madison is seen, Jan. 14, 2014.
The Wisconsin state Capitol in Madison is seen, Jan. 14, 2014.

MADISON, Wis. (AP) – Assembly Republicans are set to put the finishing touches on Gov. Scott Walker’s $504 million tax cut plan.

The chamber is set to vote on the measure Tuesday. The Senate passed it last earlier this month; Assembly approval would send it  to Walker for his signature.

Walker wants to use a portion of the state’s projected $977 million surplus to fund property and income tax cuts. He introduced a bill in January that would send $406 million to technical colleges to reduce their property tax hit and cut income taxes by $98 million by reducing the lowest bracket from 4.4 percent to 4 percent.

The end result would be a $131 reduction a median home’s tax bill this December and $46 in annual income tax savings for the average worker.

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