Final rating will depend on what final budget brings
This held for first budget in second term. Second budget to come.
Before Gov. Scott Walker reiterated promises to cut taxes during his 2014 reelection campaign, he was already doing just that.
Between 2015 and 2017, the impact of cuts by Walker and Legislative Republicans to sales, franchise, property and other taxes are expected to total $2.8 billion, based on a document from the Legislative Fiscal Bureau.
That's based on cuts instituted since Walker took office in January 2011, not strictly those in the current budget.
It is worth noting that well-over $500 million of tax credits in 2015-'17 are headed toward agriculture and manufacturing. But the largest cuts in terms of raw dollars are for income and property taxes.
Under an existing law, the state is required to put half its surplus into the state's rainy-day fund. Walker and Legislative Republicans suspended that the 2013-'15 budget, so that more could go to tax cuts.
Walker is on track to meet his promise, but his second term has just started -- and he still has another two-year budget to come -- so it is too early to rule this a Promise Kept.
We rate this In the Works.
A letter from Bob Lang, director of the Wisconsin Legislative Fiscal Bureau , to Sen. Scott Fitzgerald, "Tax Law Changes Since January 2011," dated August 5, 2015.
Tom Kertscher, "Scott Walker says Wisconsin reserve fund 165 times larger under his leadership," PolitiFact Wisconsin, August 7, 2015.