There will be no additional tax revenue over the next two years, state lawmakers were told Wednesday, setting up difficult decisions in coming weeks as the Republican-controlled Legislature tries to follow through on its plans to reduce Gov. Scott Walker's cuts to the University of Wisconsin System.

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Republican presidential contender Scott Walker on Monday touted tax cuts to boost the U.S. economy, a day before Michigan voters decide the fate of tax hikes to improve deteriorating road and bridge infrastructure.

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Wisconsin's chamber of commerce is backing a Republican plan in the state Legislature to repeal the personal property tax on business equipment.

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Opponents of a Republican proposal to eliminate the tax on business equipment say Wisconsin homeowners would see their property taxes increase to make up for the lost tax revenue.

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If various state officials have their way, business managers no longer could hide behind limited liability partnerships to avoid paying overdue unemployment taxes and could see the owed money taken out of their tax returns.

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Gov. Scott Walker said in an interview Monday that he remains committed to lowering property taxes next year as he promised in his re-election campaign, even though the state faces a projected $2.2 billion state budget shortfall that will likely result in spending cuts and other money-saving moves.

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New analysis finds that Wisconsin is the 12th highest taxed state in the country and third highest in the upper Midwest.

Tagged with: taxes Wisconsin Taxpayers Alliance

In 2015, new tax rules will affect every business and may require accounting method changes.

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A report submitted to Gov. Scott Walker on Tuesday that came out of nearly two dozen meetings around the state concludes that Wisconsin taxes are too high and too complicated, but makes no specific recommendations about what to do about it.

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Neither Gov. Scott Walker nor Democratic challenger Mary Burke embraced a conservative think tank's suggestion Tuesday that more Wisconsin goods and services should be subject to the state sales tax, including health club memberships, groceries and trips to the hair salon.

Tagged with: Mary Burke Scott Walker taxes Wisconsin Policy Research Institute