Governor Scott Walker outlined a Blueprint for Prosperity for the state in tonight's State of the State address. Wisconsin's economy is strong and improving each and every day.
"Tonight, we are laying out a plan to move Wisconsin further down the road to prosperity," Governor Walker said. "Our friends and neighbors are going back to work and job creators are expanding their businesses. Thanks to sound fiscal management, I am proud to announce further tax relief for Wisconsinites and additional funding for worker training. We will continue to work diligently until everyone who wants a job can find a job."
Blueprint for Prosperity:
Put more than $800 million back into the hands of the hard-working taxpayers all across the state through property and income tax cuts and withholding changes.
Reduce property taxes by over $406 million--more than four times larger than the property tax relief we passed last year, and it is vitally important to protect working families, senior citizens, farmers and small businesses. The typical homeowner will see a reduction of $101 dollars on their next property tax bill compared to the previous year.
Reduce income taxes by nearly $100 million--all of which would go into reducing the lowest income tax bracket from 4.4 percent to 4.0 percent. If you are a family making $40,000, your savings will be about $58. No one will get a bigger savings than that.
Reduce withholding tax for state income taxes by $322.6 million--this will let Wisconsinites keep more of their hard-earned paychecks. It will put more money in the hands of consumers and will continue to stimulate the economy. A typical family of four will see about $58 more in their paychecks each month. By the end of this year, that's more than $520 dollars.
Put more than $100 million in the rainy day fund.
Increase the Wisconsin Fast Forward program by $35 million to focus on three new areas:
Support for dual enrollment programs between school districts and technical colleges that target high demand jobs;
Investment in our technical colleges to eliminate waiting list in high demand fields like manufacturing, agriculture, and Information Technology;
And support for programs helping people with disabilities enter the workforce.
Once passed, the total tax relief provided since Governor Walker took office will total roughly $2 billion.
In addition, Governor Walker announced a year-long initiative called the Year of the Better Bottom Line, which will focus on employment opportunities and worker training for people with disabilities.