Manufacturers Tax Credit
Republican’s Economic Development Plan = 2/3 Fewer New Jobs
MADISON – Last week we learned that after the first three years under the Manufacturers Tax Credit, a handful of Wisconsin’s millionaires will receive hundreds of millions in tax breaks. If you thought those tax breaks would lead to more job creation, you’d be wrong. The number of new jobs created in those three years fell by 65% compared to the three years before the tax cut took effect.
New data in a Legislative Fiscal Bureau memo, using the Governor’s gold standard measure of job creation, the BLS Quarterly Census of Employment and Wages, shows that Wisconsin added just 10,904 new manufacturing jobs in the three years that the Manufacturing & Agriculture Tax Credit began phasing in. In the three years before the soon-to-be $209 million giveaway took effect, Wisconsin added three times as many manufacturing jobs: 31,431.
For those scoring at home, the tax giveaway that took effect after December 2012:
- Has resulted in the creation of 20,527 fewer manufacturing jobs.
- Will give over $209 million next year alone to Wisconsin’s wealthiest in a credit 99.8% of the state’s population does not qualify for.
The GOP economic plan: More for Millionaires, Less for Wisconsin Roads, Less for Wisconsin Schools, Fewer Wisconsin Jobs.