State income taxes would be cut by nearly twice as much as proposed by the Walker administration following approval of a new state budget earlier today by the Joint Finance committee.
Income taxes in the state would be cut by $650 million over the next two years following action by the Joint Finance committee. The tax cut measure was one of several major items approved by the Republican controlled panel which finished an all night session about 6:15 a.m. today. Assembly Speaker Robin Vos says he's "really proud" of the size of the cut. Democrats say the tax cuts favor the rich and the money should instead go to public schools which were deeply cut two years ago. Other action by the budget panel during its marathon session included:
- Approved a plan to make private school tuition tax deductible for expenses of up to $4,000 a year for elementary students, $10,000 a year for high school pupils. Cost to the state: $30 million
- Approved creation of a bail bond system in five counties including Milwaukee with statewide expansion after five years. Bail bonds were eliminated in Wisconsin more than 30 years ago.
- Approved prohibiting the University of Wisconsin-Madison from providing work space and employees for the Wisconsin Center for Investigative Journalism. The organization collaborates with the UW School of Journalism and Mass Communication.