Republicans approve $650 million income tax cut - WAOW - Newsline 9, Wausau News, Weather, Sports

Republicans approve $650 million income tax cut

Posted:
MADISON, Wis. (AP) -- -

The Republican-controlled budget committee has approved a plan to cut income taxes about $650 million over the next two years.

  

The Joint Finance Committee voted Wednesday on the tax cut, which is nearly double what Gov. Scott Walker proposed in February.

  

The plan would reduce income tax rates in all five brackets and reduce them to four.

  

Assembly Speaker Robin Vos says he is "really proud" of the size of the tax cut.

  

About 54 percent of the tax cut would benefit those making more than $100,000 a year. Those who earn $45,000 would save $85 a year.

  

But Democrats say the tax cuts will favor the rich and the money should instead go to public schools, which were deeply cut two years ago.

 

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