The Political Environment gives an outline of the numerous tax breaks promised by Wisconsin’s Governor Scott Walker for our needy billionaires asking: Truckloads For The Wealthy, But From Where? (The itemized breakdown – which would create a budget deficit in Wisconsin where there is currently a budget surplus – is shown below.)
So where is the money coming from? Honestly, who cares? As long as the wealthiest 1%, the most deserving, get theirs.
“Scott Walker’s giveaways to the rich and big business are impossible without massive cuts to education, health care, police and fire fighters. Walker already says he would cut 400,000 children and working families from BadgerCare and apparently, he’s just getting started.”One Wisconsin Now analyzed statements made throughout Walker’s campaign and compared those to existing reports at the state’s non-partisan Legislative Fiscal Bureau.The total for the eight quantifiable tax plans Walker has offered total $3.76 billion over the biennium.…The total biennial tab for Walker’s promises, made throughout the campaign, include:• $287 million – Cut income taxes for the top one percent – people earning more than $225,000• $187 million – Reopen the “Las Vegas Loophole” which allows multi-state businesses to shelter their tax obligations from Wisconsin by opening phantom “offices” in state without• $920 million – Shelter the assets of the wealthiest Wisconsinites even more by a radical end to tax on retirement income, regardless of income.• $243 million – Repeal changes made to the capital gains tax deduction, despite that 70 percent of capital gains filings are from those making more than $200,000 a year.• $1.032 billion – Transfer $1.032 billion from the general fund to the transportation fund, creating a $1.032 deficit in the general fund• $892 million – Phase out hospital assessment (i.e. increases in Medicaid)• $159 million – End the estate tax, which only affects heirs and heiresses of the state’s largest fortunes.• $35 million – Eliminate tax on private Health Savings Accounts, which are used primarily by those wealthy enough to save money in advance for future health problems.TOTAL COST: $3.8 billion.