Our Blueprint for Prosperity will put more than $800 million back into the hands of the hard-working taxpayers all across the state through tax cuts and withholding changes. Once passed, the total tax relief provided since I took office will be roughly $2 billion.
First, we will reduce property taxes by $406 million. This is more than four times larger than the property tax relief we passed last year, and it is vitally important to protect working families, senior citizens, farmers, and small businesses. The typical homeowner will see an actual reduction of $101 dollars on their next property tax bill.
Second, we will reduce income taxes by $98.6 million. To ensure we don't leave anyone behind in our economic recovery, we will target this tax relief to the lowest income tax bracket. If you're a family of four making $40,000, your savings will be $58. No one will get a bigger savings than that.
Third, earlier today, I directed Revenue Secretary Rick Chandler to adjust withholding for state income taxes by $322.6 million, so you can keep more of your hard-earned paycheck. This will put more money in the hands of consumers and will continue to stimulate the economy. Starting in April, a typical working family of four will see $57.90 more in their paychecks each month. By the end of this year, that's more than $520 dollars.
For everyone watching from home, go to Prosperity.WI.gov to see how much you will save under our plan, and then contact your legislator to offer your support.
In addition, our Blueprint for Prosperity will increase the Wisconsin Fast Forward program by $35 million to focus on three new areas:
First, investment in our technical colleges to eliminate waiting list in high demand fields, like manufacturing, agriculture and Information Technology;
Second, help high school students get training in high demand jobs through dual enrollment programs between our high schools and technical colleges;
And third, support programs helping people with disabilities enter the workforce, as I outlined in our Year of A Better Bottom Line initiative.
I ask that the funds already set aside in the Joint Finance Committee from the surplus at the Wisconsin Economic Development Corporation be used for the expansion of Wisconsin Fast Forward.
Tonight, I'm calling on you, the members of the Legislature to pass this Blueprint For Prosperity and return this money to the people of the state. Tomorrow, I will call for a special session to move forward with legislation to return this surplus to the taxpayers and to invest in our technical colleges, train workers for high-demand jobs, and support employment opportunities for people with disabilities.
When I ran for governor, Wisconsin faced big economic and fiscal crises. As I travelled the state then, I saw the impact that job losses had on so many individuals and
families. I saw the stress on the faces of people all across the state as so many worried about making the mortgage each month or paying to put food on the table. It was then and there that I set a big goal to make up for the jobs lost in the past and to aim high for a recovery that did not leave anyone behind.
To take on the economic and fiscal crises of the past, we came in and made some pretty bold moves. Now, three years later, we see a dramatic turnaround in our state. These are historic times. The $911 million budget surplus shows that the economy is coming back strong as more people are working, more employers are hiring and personal income is up.
Our reforms are helping the people of Wisconsin create more jobs and more opportunity and these reforms are helping restore fiscal sanity to state and local governments. Tonight, I call on the members of the Legislature to continue to build on these positive reforms by passing our Blueprint for Prosperity.
Some might say that we should keep more of this surplus in Madison. I disagree.
When I travel the state, people don't tell me that they want to keep sending more money to Madison. They don't tell me that taxes are too low or even that taxes are just right. Overwhelmingly, people across the state tell me that one of the best ways to fuel the economic recovery is to reduce their tax burden.
The best way to prepare for the future is by continuing to grow our economy, not by keeping more money in Madison. With a rainy day fund seven times larger than we had ever had before I took office, now is the time to send your money back to you, the hard working taxpayers of Wisconsin.
Now is the time to add to the many faces of the economic recovery that you saw earlier.
Now is the time to ensure that budget surpluses, like the one we celebrate here tonight - continue in the future.
Now is the time, once again, to put the power back in to the hands of the people.
Now is the time to pass our Blueprint for Prosperity, and help move Wisconsin forward.
Thank you, God bless you, and may God bless the great State of Wisconsin.”
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Adjournment
The Joint Convention arose.
8:04 P.M.
