May 31, 2011

GOP ‘Corporate Tax Giveaway Day’ Raises Taxes on 270,000 Working Families to Pay for Tax Breaks for 400 Companies

The Republican-controlled Joint Finance Committee voted to raise taxes on as many as 270,000 working Wisconsinites through changes in the Earned Income Tax Credit, while handing out more than $84 million in corporate tax breaks.

So far, budget committee Republicans have voted in favor of raising taxes on as many as 500,000 Wisconsin families.

The Republican math is clear: raise taxes on 500,000 Wisconsin families and to reward as few as 400 Wisconsin companies. These 500,000 Wisconsin families are more of the victims of Gov. Scott Walker and the Republicans’ unconscionable version of “shared sacrifice.”

Republicans yesterday pushed through $84 million in new corporate tax cuts. At the same time, Republicans on the Joint Finance Committee unanimously increased taxes on people by $43 million by altering the Earned Income Tax Credit. Previously, Republicans voted to freeze Homestead Property Tax Credit. [Wisconsin State Journal, 3/6/11, Milwaukee Journal Sentinel, 5/31/11]

When fully phased in, additional capital gains tax cuts will put the total at nearly $140 million every year in total tax breaks for corporations. [Legislative Fiscal Bureau Budget Analysis]

The tax increases to 500,000 Wisconsin families come on the heels of a number of additional attacks on the middle class and those in need by Gov. Walker and the Republicans, including:

Reducing funds available for public schools by $1.6 billion, while expanding unaccountable private school investment by $40 million.
Stripping 175,000 workers of their right to collective bargaining.
Giving the Walker administration the ability to cut 70,000 people from accessing health care, as well as raising costs on health care for 1 million Wisconsinites.
Risking the end of SeniorCare prescription drug benefits, or raising the costs of prescription drugs for participating seniors.
Privatizing broad functions of state government services, many involving no-bid contracts.
Consolidating power in the hands of the Governor’s office and unelected bureaucrats.

Wall Street, the nation’s largest banks and speculators nearly bankrupted the economy, but Gov. Walker and the Republicans want to punish the working poor.

Once again, Republicans remind Wisconsin that their idea of ‘shared sacrifice’ is the middle class and poor sacrifice and the rich and big business get to share our tax dollars.