Walker says income tax cut to be around $350M

CREATED Jan 22, 2013

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  • STATEOFSTATE, NWS, PORTER, 10. - Wisconsin Governor Scott Walker holds up a report on streamlining business regulations as he addresses the State Legislature during his third State of the State address. JANUARY 15, 2013. GARY PORTER/GPORTER@JOURNALSENTINEL.COM Image by Gary Porter

MADISON, Wis. (AP) -- Gov. Scott Walker says it's reasonable to expect an income tax cut he plans to propose in the state budget will be around $342 million.

Walker says how much that level of cut would mean to taxpayers is still being worked out. He made his comments Tuesday following a speech at the Wisconsin Technology Council.

Walker says the tax cut would come out to about a $200 savings per family, but details were still being worked out as to how it would be applied to various income levels.

The $342 million Walker is eying for the income tax cut is how much money the state is currently projected to have in a budget surplus.

Walker is expected to release his budget next month.