MADISON, Wis. — Gov. Scott Walker has remained mum on analyses suggesting Wisconsin taxpayers would be picking up part of the tab for the massive tax cuts to corporations and the wealthy being promoted by Donald Trump, Mike Pence and Speaker Paul Ryan. According to news reports, the latest proposed GOP tax giveaway would eliminate the ability of Wisconsinites to deduct state income and property taxes from the calculation of their federally taxable income as part of a plan that would slash the taxes paid by corporations and the wealthiest Americans.
“It’s no surprise a crooked billionaire like Donald Trump would come up with such a self serving tax scheme,” said One Wisconsin Now Executive Director Scot Ross. “And it’s no surprise career politician Scott Walker is putting partisan loyalty before protecting Wisconsin families by denouncing this giveaway to the wealthy, literally at their expense.”
The details of the Republican tax proposal include massive giveaways to the wealthy and corporations. High income individuals would see a lowering of their top tax rates and elimination of current law provisions like the alternative minimum tax and gift and estate taxes. Corporate tax rates would also be slashed and multi-national corporations that keep profits offshore to avoid paying U.S. taxes would also reap a windfall.
Meanwhile, the GOP scheme would eliminate average taxpayers ability to deduct state income and property taxes from the calculation of their net federal income subject to taxes. The reported elimination of the personal exemption could also hike taxes for many families. This elimination of state and local tax deductibility provision would hit Wisconsin middle class taxpayers especially hard because state taxes on income and property taxes are relatively high and sales taxes are relatively low.
Ross noted that, in addition to Walker’s silence, it remains unknown how the GOP tax giveaways could personally benefit the millionaire members of the state Congressional delegation Reps. Ryan and Sensenbrenner and Senator Ron Johnson.
He concluded “Trickle down economic tax policies like this have never worked to build a stronger economy or a stronger middle class. Forcing hard working middle class taxpayers of Wisconsin to pay more so Donald Trump and multi-national corporations pay less is adding insult to injury.”