The Republicans have caved on their main state budget initiative, the AP reports:
By SCOTT BAUER/The Associated Press
MADISON, Wis. — Republicans are backing away from their proposed tax break on buying gold bullion.
Gov. Jim Doyle and Democrats have latched onto the tax break included in the budget passed by Assembly Republicans as an example of how irresponsible the plan is.
Republicans proposed removing the tax break at Thursday’s meeting of a bipartisan committee trying to reach a budget compromise. The sales tax exemption would have covered the sale of collector coins and other currency as well as gold bullion. It primarily would have benefited coin dealers and collectors and at a cost to the state of about $250,000 a year.
With that out of the way, the conference committee should be able to wrap up work on the state budget in no time.