Walker's income tax cut helps rich more
Image by Mark Hoffman
MADISON, Wis. (AP) -- Gov. Scott Walker's proposed income tax cut would give more money back to the rich than it would the poor, despite his billing it as targeting the middle class.
The Wisconsin State Journal reports Friday that the tax cut would save a family of four earning less than $21,000 just $2 a year. Those making $80,000 would save $106 a year while those earning $374,000 or more a year would save $285 annually.
That's according to an analysis by the Institute on Taxation and Economic Policy done for the Wisconsin Budget Project.
University of Wisconsin-Madison economics professor Andrew Reschovsky (RUH-shev-ski) says there is no evidence Walker's proposed income tax cut will do much to encourage job growth and job creation.
Information from: Wisconsin State Journal, http://www.madison.com/wsj