Abstract: A cutter for use in making plugs of wood or the like to be used in the insulation industry for plugging holes made in order to provide insulation in an existing structure. The cutter is adapted to be held in a chuck or the like for rotation about a central axis defined by a holder, with a pilot being spring biased in the holder and having a centering tit for locating the wooden plug as it is being cut. Four steel cutters are provided in circumaxially spaced relationship around the axis, and two of these are oriented at a slightly different angle than the other two such that the plug can be cut with two distinct tapers, such that the steeper plug taper permits the plug to be first located in the hole to be plugged, and a shallower slightly larger diameter tapered portion for securing the plug in the hole. Each cutter is adjustable in the holder, and is held in place by a screw with any number of shims being provided in order to cut plugs of different size.