Wisconsin Republicans propose $3.4 billion tax cut

MADISON, Wis. (AP) — Wisconsin Republicans planned to wrap up revisions on the 2021-23 state budget Thursday night by inserting a $3.4 billion tax cut in the spending plan.

The Legislature’s Joint Finance Committee was poised to take its final votes on budget revisions Thursday evening before forwarding the plan to the full Senate and Assembly.

GOP leaders announced at a news conference before the committee met that the tax cut will translate to $1,200 in savings for a typical family through income tax and property tax relief. They planned to eliminate the personal property tax, a tax businesses pay on items such as furniture and machinery, as well.

The Republicans also said they plan to fund two-thirds of Wisconsin school costs, a move they say will ensure schools receive $2.6 billion in federal coronavirus relief money.

The GOP didn’t release any details of the plan. It was unclear when the committee might convene.

State Department of Revenue Secretary Peter Barca, an appointee of Democratic Gov. Tony Evers, listened in on the news conference. He said afterward he couldn’t comment on the plan without seeing more details.