Rep. Hintz: New Legislative Fiscal Bureau memo details skyrocketing cost of Walker’s millionaire tax credit

Contact: Aaron Collins, 608-266-2254

MADISON – Today, Assembly Democratic Leader Representative Gordon Hintz (D-Oshkosh), released a new memo from the state’s non-partisan Legislative Fiscal Bureau detailing the increasing price tag of the Governor’s so-called Manufacturing and Agriculture Tax Credit. The memo estimates that 21 individuals making $30,000,000 or more are receiving $38,939,267, or an average of $1,854,251 each from the credit in 2019. Rep. Hintz made the following statement on the LFB Memo and this cost to Wisconsinites:

“Under Governor Walker, the rich get richer,” stated Rep. Hintz. “This giveaway is a glaring example of a Governor who doesn’t understand how the economy works in 2018. State budgets, with limited resources, should focus on long-term investments like roads and public schools. Instead, Scott Walker is selling off our future for the benefit of the super wealthy. Between this tax credit and the Foxconn deal, Governor Walker has handed the people of Wisconsin a bill for $5.8 billion.”

Some other numbers to note from the LFB Memo:

  • 79% of the benefit will go to individuals with adjusted gross incomes of over $1 million.
  • By the end of 2019, this tax credit will have cost the state $1.3 billion since its inception.
  • In a memo from January 2018, 15 individuals making $30,000,000 received $27,586,130, or an average of $1,839,075. The 2019 estimates show the credit is further concentrated to the super wealthy top earners of our state.
  • The credit was originally estimated to cost $128 million annually when fully phased in.

However, recent estimates show the credit will cost approximately $300 million in tax year 2019.

SHARE