Scott Walker thinks his business tax credit proposal is going to ignite job creation throughout the state. We should, we're told, lower the tax burden on small businesses, allow them more of their earnings, let them reinvest in their companies, resulting in job creation. Sounds pretty good. Superficially, at least.
The Business Journal details the plan, "The proposal calls for a 15 percent tax credit, to be applied to future tax payments, for small businesses making $250,000 a year or less. The credit would fade out for businesses making $250,000 to $500,000 a year." The Journal Sentinel elaborated, "Businesses with gross sales of less than $500,000 a year and an income tax liability could qualify for the proposed tax credit." Although, PolitiFact has found Walker's claim that 98 percent of small businesses will be able to take advantage of the tax credit is "false".
This isn't a "game changer." This is merely another giveaway to the select few who will take advantage of the credit. Yet another loophole in the tax code. And this from a Republican administration that supposedly hates taxes and wants them simplified.
Come on, Scott. 250,000 is a large number of jobs. The clock is ticking. Thus far, your suggestions are real stinkers. If you're serious about creating that many jobs in your first term, you really need to lose the partisanship and your party line. You could have had billions of dollars of investment - trains and wind turbines - flowing into the state creating jobs, but you had to settle old political scores and push through bills that pat your party brethren on the back rather than accomplish job creation for Wisconsin.