Another $275 million in tax revenue lost down Walker's rat hole [View all]

[lutefisk]

Last edited Sat Mar 7, 2015, 01:32 PM - Edit history (1)

Walker can't throw our money away fast enough as he attempts to mortally wound every good thing the state does for its people and privatize it all. So he throws away $275 million with something "tucked away" in the 2011 budget and to make up for it defunds the UW System by $300 million and repeals statutes governing the System including tenure and shared governance. Is it incompetence or is he just out to wreck the state to feed his personal ambition, or both?

A measure tucked into Gov. Walker’s 2011 budget that effectively eliminated state income taxes on owners of factories and farms in Wisconsin is costing way more than predicted and contributing mightily to the current budget shortfalls.

The Manufacturing and Agriculture Tax Credit was hailed at the time as a job-creating effort that would let businesses invest the savings in new hires and equipment.

But recent figures from the Legislative Fiscal Bureau show the credit will cost the state at least $275 million in additional lost tax collections over the next biennium, or more than double what was originally estimated.

That’s roughly the amount of the proposed $300 million cut to the UW System.

LINK to Cap Times