The Joint Finance Committee today plans to vote on more than $500 in tax cuts between a package Republicans plan to add to the budget and a separate bill on today’s agenda.
The GOP tax motion introduced this morning includes reducing the rate for the second lowest income tax bracket. The cut of $321.5 million over the two-year period would push the bracket rate, now at 5.84 percent, to 5.21 percent.
The GOP motion also would pump another $58.6 million in general purpose revenue into the funding for the lottery tax credit to reduce property taxes.
The motion includes a series of other smaller changes to the state’s tax code. That includes increasing the tax on vaping by $5.5 million. The guv had proposed a $36.4 million increase in taxes on vaping products.
Separately, the committee will take up legislation authored by Sen. Dale Kooyenga, R-Brookfield, that would expand the number of online transactions subject to the state sales tax and use that money to further reduce the lowest two tax brackets. The size of the reduction to both brackets would depend on the amount of sales taxes collected. But it is estimated at $197 million.
See the GOP motion.