Rep. Shankland: Statement on Foxconn Analysis
"Even under the most favorable circumstances, we now know that the state won’t break even on the Foxconn project until 2043."
MADISON – Today, the non-partisan Legislative Fiscal Bureau (LFB) released an analysis on the fiscal impacts of the state’s proposed investment in Foxconn. Highlights include:
- Costs to taxpayers will exceed new state tax revenues until fiscal year 2032-33.
- The Foxconn project will not break even until fiscal year 2042-43.
- The administration’s estimates fail to account for inflation and rely on the assumption that Foxconn will create no fewer than 13,000 jobs and that all jobs will be filled by Wisconsin residents.
In response, Rep. Katrina Shankland (D-Stevens Point) released the following statement:
“Even under the most favorable circumstances, we now know that the state won’t break even on the Foxconn project until 2043. With taxpayers being asked to spend up to $312 million in one year and $3 billion total, I’m concerned that the Foxconn deal could have widespread effects on our ability to balance a responsible budget for years to come. This will directly impact our other priorities like public schools, roads, and healthcare.
“That’s why I joined my Democratic colleagues in calling for a second public hearing on the Foxconn bill. The Joint Finance Committee should convene immediately to discuss this bill in the context of our current and future budgets. It’s not too much to ask for another opportunity for legislators to ask questions and for the people of Wisconsin to make their voices heard.
“Jobs and new business growth are important to the future of our state. So is a budget that invests in our most valuable assets – public education, our workforce, and our infrastructure. The state must be reasonable, prudent, and measured as we consider the Foxconn project and the impacts Foxconn will have on our existing fiscal responsibilities to the people of Wisconsin. I welcome due diligence and debate on this issue and appreciate the Legislative Fiscal Bureau’s analysis on the Foxconn bill.”
- Op Ed: Foxconn Shows Folly of Cheesehead Revolution - Dan Shafer - May 12th, 2021
- Foxconn Deal Doesn’t Reduce Local Government Risk - Corri Hess - May 3rd, 2021
- Murphy’s Law: The True Costs of New Foxconn Deal - Bruce Murphy - Apr 28th, 2021
- The State of Politics: All Sides Won On New Foxconn Deal - Steven Walters - Apr 26th, 2021
- New Foxconn Deal Cuts Incentives By $2.77 Billion - Jeramey Jannene - Apr 20th, 2021
- Rep Hintz: Statement on Approval of Revised Foxconn Contract - State Rep. Gordon Hintz - Apr 20th, 2021
- New Foxconn and WEDC Agreement Provides Flexibility and Clarity for Renewed Tech Investments in Science and Technology Park - Foxconn Technology Group - Apr 20th, 2021
- Gov. Evers Announces Renegotiated Foxconn Contract to Save Taxpayers $2.77 Billion - Gov. Tony Evers - Apr 20th, 2021
- Rep. Hintz: Statement on Foxconn Announcement - State Rep. Gordon Hintz - Apr 19th, 2021
- Evers Announces New, Smaller Foxconn Deal - Jeramey Jannene - Apr 19th, 2021
Read more about Foxconn Facility here
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