25 Years to Break Even
It will take Wisconsin taxpayers 25 years to make back the money from the con that Walker and Trump did with Foxconn
A new report that was released yesterday finds that it will take 25 years for Wisconsin voters to make up the tax revenue that is being given to Foxconn. UCOMM has previously reported that the $10 Billion deal is another con by Governor Scott Walker and Trump. Read more from the AP below.
It would take at least 25 years for Wisconsin taxpayers to break even on Gov. Scott Walker's incentives to lure Taiwanese electronics giant Foxconn to the state, according to a fiscal analysis released Tuesday.
Walker's bill would exempt construction materials from the state and local sales tax and hand the company up to $2.85 billion in tax credits based on the number of jobs generated. It also would exempt the company from a host of environmental regulations and borrow $252 million to rebuild Interstate 94 near the plant site.
The nonpartisan Legislative Fiscal Bureau's analysis of the bill found that Walker's administration found the cost of the tax credits would exceed potential increased tax revenues by $1.04 billion at the end of fiscal year 2032-33. After that year, payments to Foxconn would end and increased tax collections would ring in at about $115 million annually. At that rate, the break-even point would come during the 2042-43 fiscal year.
The break-even point could come even later, though.