"Lowering taxes for the third time in less than a year, Gov. Scott Walker signed his $541 million tax cut bill in a ceremony Monday":

◼ Scott Walker signs $541 million tax cut legislation - Journal Sentinel

Speaking at Horsens Homestead Farms, about 35 miles northwest of Green Bay, Walker called it a great day for Wisconsin taxpayers and a sign of the state's shifting financial fortunes in recent years.

"Now, instead of billion dollar budget deficits, we have a surplus — and today that money is on its way to the workers, parents, seniors, property owners, veterans, job creators and others. You deserve to keep as much of your hard-earned money as possible — because after all, it is your money," Walker said.

With growing tax collections now expected to give the state a $1 billion budget surplus in June 2015, Walker's tax proposal will cut property and income taxes for families and businesses, and zero out all income taxes for manufacturers in the state.

Though the state's tax revenue is increasing, GOP lawmakers and Walker are trimming state spending slightly for the next three years rather than increasing it.

Walker's plan for the surplus prioritizes the tax cuts and a roughly $320 million overhaul of income tax withholding over calls from Democrats to decrease about $2 billionin state borrowing through June 2015, strengthen the state budget and offset past cuts to schools.