Republican 'Millionaire Tax Credit' Continues to be Costly for Wisconsin |
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News |
Written by Wisconsin Assembly, Aaron Collins |
Thursday, 06 February 2020 16:36 |
http://newiprogressive.com/images/stories/S5/executive-money-s5.jpg MADISON – Assembly Democratic Leader Representative Gordon Hintz (D-Oshkosh), released a new memo on Wednesday from the state’s non-partisan Legislative Fiscal Bureau detailing the increasing price tag of the Republican created Manufacturing and Agriculture Tax Credit (MAC). The memo projects that 20 individuals making $30 million or more annually, will receive a total $50,441,412, or an average of $2,522,071 each, from the credit in tax year 2020. Rep. Hintz released the following statement:
Some other numbers to note from the LFB Memo: · 82% of the benefit will go to individuals with adjusted gross incomes of over $1 million. · By the end of 2020, this tax credit will have cost the state over $1.6 billion since its inception. · The credit was originally estimated to cost $128 million per fiscal year when fully phased in. However, recent estimates show the credit will cost approximately $286 million in tax year 2020. |
Last Updated on Thursday, 06 February 2020 17:04 |
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