Wednesday, October 10, 2018

Walker thinks adding back $1.4 billion in lost state revenue would "take out a lot of growth and prosperity!!!

Scott Walker passed a manufacturing/Ag tax credit that zeroed out state taxes for entitled companies and businesses that passed the burden of educating their future employees to taxpaying families.

Since when did that make any sense, and why did conservative voters go along with getting stuck with the bill through local school referendums?

Even worse, it's upside down thinking like Walker's that supposedly created this quid pro quo to special interest corporate campaign contributors with no job creation requirement.
WPR: Walker told members of Wisconsin Manufacturers and Commerce at a luncheon in Madison, "About 88 percent of all the recipients ... are small businesses. Businesses that make less than $1 million a year. If we were to wipe that out, we would be taking out a lot of the growth and prosperity in the state."
Really, restoring this massive loss of tax revenue "would be taking out a lot of prosperity in the state?" That's how upside down Wisconsin politics has become under Walker's bent out shape priorities. Walker's political spin couldn't change the Legislative Fiscal Bureau numbers:
The Legislature's nonpartisan budget office projects the credit will have cost state government a total of $1.4 billion by the end of the current budget in June. It's projected to cost state government roughly $295 million this year alone.
And those "88 percent of all recipeints" that "are small businesses"?
The 88 percent figure cited by Walker reflects the total number of filers who took advantage of the tax credit according to a memo by the Legislative Fiscal Bureau. But that same memo showed that the wealthiest 12 percent of all recipients received roughly 73 percent of the payout, an amount that totaled $159 million in 2017.
 Here's WPR's Shawn Johnson's story: