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Major tax relief plan expected to be unveiled during "State of the State"

MADISON, WI (WTAQ) - Governor Scott Walker said Wednesday that Wisconsin's projected tax collections for the current budget period will be, "much higher than expected."  

And he wants to use the extra money to cut both property taxes and income taxes.  

The Republican Walker told the Milwaukee Journal Sentinel he would outline his plans a week from tonight, when he delivers his annual "State of the State" address to the Legislature.  

Walker refused to say how much the revenue projections had grown. Those numbers are due out later this month.  

The Journal Sentinel says the figure could be close to an extra $1 billion by the middle of 2015. In any case, Walker said his proposed tax cuts would be much bigger than the $100 million property tax cut that he and lawmakers approved last fall. And unlike the last cut, he said workers would see the income tax reductions in their paychecks.  

The move comes as Walker and most majority Republican lawmakers gear up for re-election this fall.

The governor said part of the surplus would go into the state's rainy day fund for government emergencies. 

(Story courtesy of Wheeler News Service)