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JFC proposes $3.4 billion tax cut

The average family in Wisconsin could see $1,200 in income and property tax relief thanks to the Wisconsin Joint Finance Committee’s recently approved biennial budget. The $3.4 billion tax cut was made possible due to a projected budget surplus of $5.7 billion. Much of that surplus comes from federal programs that put more money into people’s hands, leading to the highest sales increase in 35 years.  Signaling his support for the budget on Monday, State Rep. Joel Kitchens says that is money that deserves to go back to the state’s taxpayers.

Education funding was one item in the budget that stole headlines in recent weeks because of the possibility the state would lose out on $1.5 billion in federal stimulus dollars if the Wisconsin Legislature did not put aside more money. Kitchens says he never would have supported the budget if that was the case.

The Assembly is expected to vote on the JFC’s version of the biennial budget next week.

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