Wisconsin Passes $100 Million Property Tax CutLegal Compliance Resource
October 23, 2013 — 994 views
Although it has been just four days since the bill has been passed, the 100 million dollar tax cut on properties is soon likely to become a law. The bill was put forth on Monday by Scott Walker, the Republican Governor. Now that it has passed through several appeals in the span of merely four days, it is on its way to pass the final hurdle. At a public rally, the Republican said that he was keen to sign the bill as soon as possible. Scott Fitzgerald and Robin Vos, the Majority Leader and the Speaker have acted swiftly in the processing of this bill.
Law to Ease out State’s $3.6 Billion Deficit
The bill will soon be signed and will be put into effect by December of this year. The move is to ease out of the $3.6 billion dollar deficit that the state currently holds. Both Walker and Vos publicly touted eliminating this large due in their sessions and public talks. The Speaker mentioned that in the economic slump there were many sacrifices that had to be made by the citizens of the state. He also mentioned that now that things are looking better, it is time for the people to get back and share in the surplus that has been generated by the government.
Critics Against the Move
While the excitement regarding the upcoming law is understandable, there are a number of critics who are against the move. They say that the move only temporarily removes a certain amount of the deficit. Deficit financing should do what it can to remove any debts whatsoever. Instead, the state will now have a budget of almost 200 million dollars less than what it had from the years 2015 to 2017.
Political Strategy Implied
Legislative analysts of the state are unhappy with the state of affairs at the moment. Critics also scoff at the attempt to use a one-time massive tax cut to remove more permanent issues. They mention that middle class home owners will only be able to save about 700 dollars more than they otherwise would have in a four year long period. The motion is criticized because of its political implication. Many experts have retorted that the energy caused by the motion will only help in getting someone elected as governor, rather than have a direct positive impact on the current financial situation that must be faced.