But don't back up that Brinks armored truck to haul off your share of the wealth.* You won't even need your kid's piggy bank for it:
For example, a family of four with taxable income of $25,000 would see their state income tax bill go down by $6. At $50,000, the savings is $54; at $100,000 it’s $138; and at $200,000 the savings is $270.That really pales in comparison to what Walker did for his corporate sponsors in the current budget:
"At first blush, the proposed tax cuts sound like they will help moderate-income families but the primary effect is to help the wealthy,” says Jon Peacock of the Wisconsin Budget Project.
Peacock notes that more than half of the projected $172 million in income tax cuts annually would go to the upper 20 percent of state residents.
“This just exacerbates the problem that the rich pay a much lower percent of their income for state and local taxes than lower-income Wisconsin families,” he says, noting a recent national report on that issue.
Actually, Walker’s 2011-2013 budget did use tax credits to target a specific group: factory owners and their investors. A domestic production tax credit that kicks in this year will deliver an estimated $360 million in tax savings to manufacturers over the next four years and some $130 million each year thereafter, according to the non-partisan Legislative Fiscal Bureau.Considering that the median household income is about $50,000, that means most of us might save a buck a week. Hoard up those savings for a full month and you might, just might, be able to buy a gallon of gas. I say might, because under Walker's reign of economic terror, incomes keep dropping.
It should be pointed out that Walker's tax cuts are so lopsided it does next to nothing to help the poorest of the poor, who were punished for their poverty in Walker's first budget:
Last summer, the state Legislature reduced the amount of money low- income families can receive in tax credits by $56.2 million.Likewise, it offers no relief for the fees that Walker raised through the roof in the last budget and wants to rise even higher in this budget.
That places Wisconsin among only a handful of states that will effectively raise taxes on their poorest residents in 2012, according to a recent study by the Center on Budget and Policy Priorities, a nonprofit think tank.
"At a time when low-wage workers are already struggling, this makes it that much more difficult (for them) to feed their families and pay their utility bills," said Jon Peacock with the Wisconsin Council on Children and Families, an advocacy group that opposed the changes
Another thing that the Walker apologists are touting his that Walker is proposing a freeze on property tax rates. That should scare the bejeebers out of you.
In Walker's current budget, he touted he cut property taxes. But like the majority of Wisconsinites, our property taxes had actually gone up. They would have probably gone up even higher, but Walker's policy of lowering our quality of life included lowering our property values.
Since my taxes went up by some 9% with Walker's tax cuts, I can't even imagine how much they'll go up with a freeze - 20%? 25%?
Instead we have nothing to show but some of the most generous corporate welfare giveaway that do nothing to help our state.
But no one should be surprised. This is just a remake of his failures in his last budget, for which we didn't need that armored car either.
*Since Walker's make-believe surplus, which is actually a deficit he's not admitting too, which he is using for these tax cuts come from the money he took from public sector workers, isn't that socialism - forced sharing of the wealth?