MADISON, Wis. (AP) – The Latest on Republican income tax cut plan (all times local):
Democratic Gov. Tony Evers says he won’t sign a Republican middle class tax cut plan that relies on tapping reserves to pay for it.
Evers restated his opposition to the plan Tuesday just ahead of a public hearing on the Republican proposal.
Evers says the $340 million needed to pay for the income tax cut is needed in other areas. He didn’t specify what, but he plans to call for increasing aid to public schools by 10 percent, at a cost of $1.4 billion.
Evers says he can’t support the Republican plan because it doesn’t have a source of funding for the future.
Evers wants to pay for his proposed 10 percent middle class tax cut by capping credits under a manufacturing and agriculture tax credit program. Republicans oppose that.
Evers says his approach is “far superior.”
The public will get a chance to sound off on Wisconsin Republicans’ income tax cut plan during a hearing at the state Capitol.
The Assembly’s Ways and Means Committee and the Senate’s Agriculture, Revenue and Financial Institutions Committee are set to hold a joint public hearing on the bill Tuesday afternoon.
The proposal calls for increasing the state income tax maximum deduction by 20.6 percent for single people making less than $127,000 and for joint filers making less than $155,000. The bill is estimated to cost the state $495.6 million over the 2019-21 biennium. Republicans want to fill that hole with money from the state’s surplus.
Democratic Gov. Tony Evers has proposed cutting income taxes as well but wants to cover it by capping tax breaks for manufacturers and farmers.