Legislative committee OKs GOP tax cut bill
MADISON, Wis. (AP) — A legislative committee has approved a Republican bill that would cut income taxes for the middle class.
The Assembly Ways and Means Committee approved the bill 8-4 Wednesday. All the Republicans on the committee voted for the bill; all the Democrats on the panel voted against it.
The Joint Finance Committee is set to vote on the proposal Thursday with an Assembly floor vote scheduled for Tuesday.
The bill calls for tapping a budget surplus to pay for a $340 million annual tax cut. The average cut for all filers would be $170.
Democrats say the Republican plan is unsustainable because the surplus could shrink in an economic downtown. Democratic Gov. Tony Evers has introduced a competing plan that would fund a cut by capping tax credits for manufacturers.