"Wisconsin Committee Votes To Cut Business And Investment Taxes While Increasing Taxes On Poor"
As ThinkProgress reported in April, Wisconsin Gov. Scott Walker (R) proposed hiking taxes and fees on students and the poor, despite signing the Americans for Tax Reform “Taxpayer Protection Pledge,” which politicians use to promies to never raise taxes.
On Tuesday, the Wisconsin Legislature’s Finance Committee voted for a host of tax changes in its budget that included some of Walker’s proposals. The committee voted not only to limit many of Wisconsin’s tax credit programs for the poor, but it also simultaneously voted to cut business and investment taxes:
Wisconsin’s working poor with two-or-more kids would get a tax increase under a budget measure endorsed by the Legislature’s Finance Committee. Majority Republicans also pushed through some tax breaks for business and investors, as the panel began its final week of rewriting Governor Scott Walker’s state budget for the next two years. [...]
The committee also voted to roll back some of the 2009 tax hikes for multi-state corporations under the combined reporting law. And they voted to let people defer state taxes on long-term capital gains if they’re re-invested in a Wisconsin business. If the investment is held for five years, no taxes would be owed. Currently, 30-percent of capital gains are exempt from taxes.
Increasing taxes on the poor in the name of deficit reduction while offering more tax breaks for businesses and investment is a stunning statement on the committee’s priorities. “We hate poor people,” said Rep. Tamara Grigsby (D) in response to the changes. “We kick them when they’re down. They will never have the chance to thrive.” “This appears to be a tax increase on those who can least afford it,” said Rep. Jennifer Shilling (D).