Gov. Scott Walker signed his $504 million tax cut plan, dubbed the “Blueprint for Prosperity,” into law Monday morning on a farm in the village of Cecil, Wis.
The plan was announced at Walker’s State of the State address earlier this year as a way to manage the state surplus of more than $900 million. Walker said the plan will provide for $406 million in property tax cuts for Wisconsin residents, as well as $98 million in income tax cuts.
“Scott Walker is committed to cutting taxes every year in office, and the Blueprint for Prosperity is further proof that his number one priority is putting the taxpayers first,” Jesse Dougherty, spokesperson for the Republican Party of Wisconsin, said in a statement. “Walker’s priorities are clear, the economy is responding positively and Wisconsin is moving forward.”
Democrats have criticized Walker’s plan, saying it is irresponsible and does not do enough to reduce the state’s structural deficit.
Democratic legislators proposed an alternative plan for the surplus while debating the law, which would have called for a $200 million deposit into the state’s rainy day fund, investment in job creation and a more narrow focus on tax cuts for the middle class.
“I’m all for tax cuts, but not when they’re done in a fiscally irresponsible manner that jeopardizes the state’s finances,” Democratic gubernatorial candidate Mary Burke said in a statement to the Associated Press. “Walker’s approach to spending the projected surplus is irresponsible.”
The cuts will go into effect in fiscal year 2015.