GOP's Big Moneyed Friends Continue to Benefit from Tax Giveaways on the Backs of Working Families
MADISON – Today, a memo from Wisconsin’s non-partisan Legislative Fiscal Bureau revealed that the Manufacturing and Agriculture Tax Credit will cost the state $1.3 billion by 2019. Nearly three-fourths of this benefit goes to individuals with adjusted gross incomes of over $1 million who aren’t required to create one job to get this windfall. In response, Rep. Chris Taylor (D-Madison) issued the following statement:
“As our public schools struggle with understaffing and large classrooms, and our roads and bridges crumble, the wealthiest Wisconsinites continue to reap tax windfalls from GOP policies. I find it incredible that Governor Walker and legislative Republicans are willing to hand out billions of taxpayer dollars to the wealthy without requiring even a single job be created. Combined with the Foxconn scheme, Republicans plan to give away $5.8 billion in taxpayer money to millionaires and billionaires while Wisconsin households struggle with stagnate wages and rising costs.
“We need to correct the GOP’s failed economic agenda that focuses on benefitting the most powerful and most wealthy by immediately taking up Assembly Bill 200. This bill repeals this massive corporate tax giveaway and returns that money to low and middle income individuals and families who need it most and who will spend this money in their local economy. When will my GOP colleagues learn that for our state to thrive, low and middle income individuals and families must economically prosper?”