Stem ballooning WI business tax credits
Another important posting from the always-informative Wisconsin Budget Project. One chart tells the story.
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Posted by James Rowen at 11:39 PM
Let's see - No income tax for mfg and ag, much reduced property tax for mfg and ag. Looks like the free market paradise we were promised. Wonder who will make up the State budget deficit. Probably the much amusing and newly discovered conservative principle of funding tax cuts with debt.
When you combine the loss of revenue from the Manufacturing and Ag tax credit [reducing their tax rate to 0.4% in 2016] with the refundable tax credits issued by WEDC this totals $509 million in revenue that is not available for the 2015-17 budget. That alone would be enough to cover the cuts to the U W system, public schools and beyond. Even worse some of the Republicans want to end the tax on business equipment which would result in another $270 million in lost revenue. But this all seems to be Walker's economic plan: eliminate taxes for business and manufacturing, creating a deficit, blaming the deficit on the costs of government programs, defunding the needed programs and repeating the plan at the next budget cycle! Walker is most definitely following the Norquist/ALEC handbook which his Tea party supporters honor of starving government to death along with the people that the government serves. All the while businesses put the money in their pocket, create no new jobs and let Wall Street increase Walker's handout into more wealth for those at the top!
Freedom ain't free...unless you are a manufacturer or own a farm in Wisconsin, and previously, or not, contributed to the collective good for the state....your freedom costs less than the minions who live in and around you. Heck, they might even work for you.
Takers versus makers. We need to change the state dialogue on who pays and who doesn't.
@James, take a listen to last night's CBC radio broadcast Q. Great commentary on the Do-good-ers (Duggars). continue listening, the conversation ends with David Suzuki and the politics of climate change.
Manufacturers are being made into moochers.
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