Republicans to propose cutting taxes for wealthy - WAOW - Newsline 9, Wausau News, Weather, Sports

Republicans to propose cutting taxes for wealthy

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MADISON, Wis. (AP) -- Republicans on the Wisconsin Legislature's budget-writing committee plan to propose eliminating the alternative minimum income tax which primarily benefits people earning more than $200,000 a year.

Republican Rep. Dale Kooyenga said Thursday he plans to propose doing away with the tax that brought in just over $26 million in the 2013 tax year. He says that cut will be made up with raising taxes elsewhere, so there is no net reduction in tax collections.

Kooyenga says his proposal will be brought up for a vote before the Joint Finance Committee, perhaps as soon as Wednesday.

Democratic committee member Rep. Chris Taylor, of Madison, says taxes should not be cut for the wealthy while the University of Wisconsin faces a budget cut and funding for K-12 schools is not going up.

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