Governor Walker working on tax cut proposal - WKOW 27: Madison, WI Breaking News, Weather and Sports

Governor Walker working on tax cut proposal

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MADISON (WKOW) -- Wisconsin will close its 2013-2015 budget with a nearly one-billion dollar surplus, according to a new projection released Thursday by the Legislative Fiscal Bureau.

The state was originally projected to have a $130 million surplus, but is now projected to grow by $912 million.

That's a net surplus of $977 million, after $65 million is put into savings. 

The report says the massive improvement is primarily due to $893 million in tax revenue above earlier projections.

 Governor Scott Walker is working with Republican legislative leaders on a tax cut proposal using a portion of the surplus.

But Democrats and liberal groups say the money should be used to help the middle class with programs that will put people back to work.

While visiting Hartford Finishing in Washington County, the Governor Walker proposed that some of the money should be returned to taxpayers in the form of property and income tax cut, saying, "I'm proposing that and I'll talk more in detail that money in the state of the state details on how we're going to put it into income tax and property tax relief for people across the state."

Governor Walker will give his state of the state address on Wednesday night in front of a joint session of the state legislature.

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