Republicans Sell Out Funding Public Schools for More Tax Giveaways to Rich
According to the nonpartisan Legislative Fiscal Bureau, Republicans have spent $1.9 billion in various tax giveaways between 2011 and 2014.
MADISON – Yesterday, according to press accounts, Rep. Dale Kooyenga (R-14) indicated his intention to eliminate the Alternative Minimum Tax (AMT), which ensures that the wealthy and out-of-state individuals with large state tax savings still pay their fair share of state income tax.
“At a time when Republicans are cutting the UW System by $250 million and failing to invest in our public school children, they come up with another scheme for more tax giveaways to the most wealthy,” stated Rep. Chris Taylor, the ranking Assembly Democrat on the Joint Finance Committee. “Representative Kooyenga’s scheme to eliminate the AMT will cost the state over $62.9 million over the next two years, reducing state revenue that could be used to invest in our public schools, which is what the public desperately wants us to do.”
Nearly 75% of people who pay the AMT earn over $200,000 annually. Republicans already gave this group a large tax cut in 2013 when they collapsed tax brackets so that a family making $30,000 annually now pays the same tax rate as a family making $325,000. Between 2013 and 2015, this scheme reduced our state revenues by $647 million.
According to the nonpartisan Legislative Fiscal Bureau, Republicans have spent $1.9 billion in various tax giveaways between 2011 and 2014 while they decimate public education (memo attached). Included in this amount is a $60 million tax cut for wealthy parents who send their children to private schools.
“Meanwhile, parents all over the state of Wisconsin are apoplectic over the Republicans’ refusal to adequately invest in our children and our public schools,” continued Taylor. “Instead, Republicans want to take millions of dollars from our public schools for unaccountable private schools while giving even more tax breaks for the super-rich.”
“Republicans are selling out our children so their super wealthy campaign donors can get another break on the backs of our kids and the working people of this state. Their priorities are clearly out of whack and they aren’t listening to the people of our state. Our children deserve so much better.”