Speaking to the Metropolitan Milwaukee Association of Commerce, Republican gubernatorial candidate Scott Walker no doubt made quite a few friends when he said he’d repeal Wisconsin’s corporate income tax if elected, adding roughly $1.63 billion over two years to Wisconsin’s estimated $3 billion budget gap over two years. I’m not sure how Scott Walker thinks adding to the state’s budget deficit is going to make it easier to balance that budget, but given Walker’s general lack of expertise at balancing Milwaukee County’s budget without some sort of “budget crisis” later in the year I suppose I shouldn’t be surprised that Walker thinks adding $1.63 billion to the state’s already gaping budget deficit will make it easier to balance the budget.
No doubt with Scott Walker as governor we can expect to see plenty of big handouts to folks like big corporations who’ll no doubt be laughing all the way to the bank.
H/T to The Political Environment.
Perhaps this will be an incentive to have businesses locate here instead of neighboring states. Does this not provide an opportunity for more work in a state where, despite having unemployment below the national average, many are jobless or underemployed?
With more people working and more people making more money, this will increase state tax revenue.
Keynesian economics have been tried in this state and it has failed.
Ah, of course….the old argument that lowering taxes will spur companies to hire massive amounts of new employees, as if those companies won’t instead pocket the money and not hire workers.