Wisconsin Governor Scott Walker (R.) signed legislation on Monday that will cut taxes by $504 million over the next two years.
The bill reduces both income and property tax rates in Wisconsin, according to Americans for Tax Reform.
SB 1 represents the third significant piece of tax relief enacted by the Walker administration, bringing the total amount of tax cuts to $2 billion. Workers, families and homeowners will now have more money in their pockets thanks to the efforts of Gov. Walker and the Republican majorities in the legislature.
“I want to congratulate Governor Walker for designing, promoting, and now signing Senate Bill 1 into law,” said Grover Norquist, president of Americans for Tax Reform.
“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.”
Scott Walker has now cut Wisconsin taxes by $2 billion
“Now, instead of billion dollar budget deficits, we have a surplus — and today that money is on its way to the workers, parents, seniors, property owners, veterans, job creators and others. You deserve to keep as much of your hard-earned money as possible — because after all, it is your money,” Walker said.
Senate Bill 1 will provide $504 million in tax cuts to Wisconsin taxpayers over the next two years by reducing income and property tax rates, and eliminating income tax rates for state manufacturers. The move continues the Wisconsin success story under Walker that has seen the state turn a $3.6 billion budget deficit into a surplus through cutting taxes and reforming state government.
Grover Norquist, president of Americans for Tax Reform, congratulated Walker on signing the new tax provisions into law.
“Scott Walker inherited a state budget that falsely promised to spend more than Wisconsin citizens could afford,” Norquist said in a statement. “He avoided the ‘easy’ and traditional path of yet again raising taxes and slashing budgets across the board.
“Reducing the tax burden and reforming government to cost less is the path forward for Wisconsin and the nation.”
The Washington Examiner’s Philip Klein published an exclusive interview with Walker Monday, in which the Wisconsin governor said he will focus on his state’s fiscal successes in his battle for reelection this year.
“Are we going to go backward, or are we going to go forward? Our argument is going to be that we laid out a plan to move the state forward, we’ve moved the state forward, we took a major $3.6 billion deficit and turned it into a $1 billion surplus, we lowered taxes by $2 billion, we’ve seen the unemployment rate go down to the lowest it’s been in more than five years. … My argument is going to be, why would we want to mess with success?”