Governor Scott Walker (R-WI) told the Wisconsin Bankers Association (WBA) on Thursday that he intends to propose income tax cuts in the state budget this summer. Walker will phase in the reduction “over a number of years.”
Walker told the WBA at their annual Economic Forecast Luncheon:
For us, one of the biggest bangs for our buck is dropping the individual income tax rate, putting more money back in the hands of consumers and small business owners out there so that they in turn can invest that money, they can take out loans, they can move forward and put people to work. We’re committed to doing that.
The Milwaukee Journal Sentinel reports that although Walker also said he will limit the growth of property taxes, keeping the limits similar to those he put in place in 2011.
Walker did not say how much he would reduce the income tax burden on Wisconsinites, but emphasized the need to put more of their money back in their hands.
We’re not going to blow it…We’re not going to go hog wild. We’re not going to spend all the money in a way that puts us in a deficit position like we inherited. But we do believe one of the best ways to get the economy going even greater than it is right now is to put more money back in the hands of consumers and more money, in particular, in the hands of small business.