This shouldn’t be any surprise to anyone living in Wisconsin and paying any kind of attention…but from San Francisco via the Associated Press:
A tax credit passed to benefit manufacturers and agricultural producers in Wisconsin is primarily helping millionaires, according to a new report released Tuesday.
Wisconsin Department of Revenue data included in the report by the liberal Wisconsin Budget Project shows 78 percent of the tax credits distributed through the income tax went to individuals earning more than $1 million last year. Those millionaires represent the top 0.2 percent of all tax filers in the state.
The Manufacturing and Agriculture Credit was approved by the Republican-controlled Legislature and signed by Gov. Scott Walker in 2011. It began taking effect in 2013 and is fully implemented in the 2017 fiscal year, when it’s expected to send out $284 million in income tax breaks for manufacturers and agricultural producers. That’s more than double what it was originally estimated to cost (emphasis mine).
Critics argue the program is nothing more than a tax giveaway that’s draining the state’s resources.
But the law’s backers tout the tax credit as a way for Wisconsin to remain competitive with other states, spur job growth and attract businesses.
The Department of Revenue figures for the 2016 tax year show nearly $155 million in credits distributed through the individual income tax will go to taxpayers who reported earning more than $1 million. That is an average of $122,000 per filer.
Those who earn between $300,000 and $1 million, and make up 1 percent of all filers, received 15 percent of the tax cut. Those earning below $300,000, who make up 98.8 percent of tax filers, received 7 percent of the income tax cut.
I wonder if this will show up in any of the area newspapers this week…?
Thanks to one of our regular readers for passing this along!
Between this and the numbers which show vouchers get much more state money per student than public schools do, it gives the game away.
Walker and WisGOP are abusing tax dollars to.hand out our money to their political friends. Add the WEDC slush fund to this as well. The rest of us see services cut, and property taxes go up to make up the difference. And our job growth continues to suck.
So far the Madison papers have it on the front page, and the pro-oligarch JS hasn’t said a word about it. No word on what the GB or outlying papers are reporting
Those who pay the most in tax, would likely receive the greatest benefits percentage-wise. That’s how progressive taxation works.
My property taxes have gone down each year under Walker and the Republican majority. If your community is passing reckless school referendums for building and maintenance that should of course be coming out of their normal operating budgets, then your experience may vary.
Lowered property taxes because of diminished value of your property? Show us the numbers for the amounts of your property tax decrease. .0003% or even less? Your savings claim is meaningless out of any context. Type in your address and we’ll search the County records for you if you want to save some time.
One need only look to Kansas under Gov.Brownbank and his tea party economics to have a vision, of Wisconsin’s future, if not now, financial scene under the triple threat team of Walker Fitzgerald, and Vos or dumb, dumber, and dumbest (not necessarily in that order)..
http://www.kansascity.com/news/local/news-columns-blogs/local-columnists/article44071743.html