Tax Cuts Considered
Republicans in the state legislature are hoping to cut about $300 million in taxes from the state budget. State Senator Dan Feyen says eliminating the personal property tax on businesses and forestry tax would cut that much money in taxes. He says the personal property tax accounts for about $222 million in taxes a year and the forestry tax about $80 million a year. He says eliminating the personal property tax would be a good boost to businesses large to small in the state. State Senate Minority Leader Jennifer Shilling says groups like the League of Wisconsin Municipalities and the Wisconsin Alliance of Cities are opposed to the personal property tax cut because of how it would affect tax revenues for municipalities. Senator Feyen says the Legislative Fiscal Bureau is predicting an additional $2 billion in revenues for the state over the next two years, which would backfill the loss of those personal property tax revenues.