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Tuesday, February 11, 2014

 9:29 AM 

Assembly Dems unveil details of alternative to Walker's tax plan

The Assembly Dems' alternative to the guv's tax plan would save the owner of a typical home $100 more while reducing the structural deficit by $342 million, according to the Legislative Fiscal Bureau.

Assembly Dems released the overview of their plan today ahead of the Assembly vote on Gov. Scott Walker's proposal. The guv called for cutting property taxes by pumping $406 million into the tech college levy, cutting income taxes $98.6 million and updating withholding tables for regular paychecks by $322.6 million that taxpayers would otherwise have to wait for their annual refunds to see.

The Dem plan would instead put $500 million into the first dollar credit program, which offsets school property taxes. It would also improve the state's closing balance at the end of the 2013-15 biennium to $576.5 million, which would leave a structural deficit of $465 million for the 2015-17 budget. The guv's plan would result in a structural deficit of $807 million, according to LFB.

The Dem plan would save the owner of a median-valued home, worth $151,000, $231 compared to current law; Walker's plan would knock $131 off that property tax bill.

Walker has also proposed putting $35 million into worker training programs, but Assembly Dems say their plan would triple that.

"Democrats believe we should take a balanced approach to the projected surplus -- training people for available jobs, saving more for the future and targeting more tax relief to the middle class and those struggling to become middle class,” Minority Leader Peter Barca, D-Kenosha, said.









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