Wisconsin Assembly approves tax cut plan

MADISON (AP) — The Wisconsin Assembly has passed Gov. Scott Walker's $504 million tax cut plan.

The chamber approved the bill 61-35 Tuesday. The Senate passed it earlier this month; Assembly approval sends the bill onto to Walker for his signature.

Walker wants to use a portion of the state's projected $977 million surplus to fund property and income tax cuts. He introduced a bill in January that would send $406 million to technical colleges to reduce their property tax hit and cut income taxes by $98 million by reducing the lowest bracket from 4.4 percent to 4 percent.

The end result would be a $131 reduction a median home's tax bill this December and $46 in annual income tax savings for the average worker.