Wednesday, June 29, 2016

Walker hands Millionaires +, 77% of Tax Cuts, costing state an estimated $736 million over 5 years, up from low ball $360 million.

If you thought you were happy getting a whole $1-$10 tax cut this year, you won't believe how happy farm and manufacturing businesses are.

The whole point of Scott Walker's supply side statewide agenda is to make tax policy as unfair as possible, on purpose, while maintaining a steady stream of campaign money from business. And as money drains out of the general revenue fund without any offsets, Wisconsin becomes the Mexico of the Midwest. Just the way Republicans want it.

Thankfully, more and more people in the top 1% get to keep most of their money, while everyone else can't keep any of it living paycheck to paycheck:
And the Walker trolls are still happy!

11 taxpayers making more than $35 million to reap $21.5 million from tax credit: The report from the Legislative Fiscal Bureau comes on the heels of a similar report from the liberal Wisconsin Budget Project finding most of the state's Manufacturing and Agriculture Tax Credit this past year went to 77 percent of the total individuals earning more than $1 million.

The tax credit is available to farming and manufacturing companies, but also to individuals who own a stake in companies set up S corporations.

The tax credit was introduced late in the 2011-13 budget process. It was initially projected to cost the state $360 million over the first five years, but the estimate has been revised to $736 million.
A slight miscalculation, but business is happy.

1 comment:

  1. "A slight miscalculation, but business is happy."

    "Brownie, you're doing a heckuva job"