Madison – Wisconsin’s chamber of commerce, WMC, will oppose a $209 million annual income tax increase for manufacturers and farmers proposed by Senator Janet Bewley (D-Ashland).
Bewley wants to repeal the manufacturing and agricultural income tax credit that has helped foster significant job creation in our state. Since the tax cut was enacted, Wisconsin has grown 34,000 new manufacturing jobs. By contrast, Wisconsin actually had lost 81,000 manufacturing jobs in the five years prior to the credit’s enactment.
“The manufacturing tax credit stopped the bleeding in terms of manufacturing job losses, and Wisconsin grew the fifth-most manufacturing jobs in the country after it was enacted,” said Scott Manley, WMC Senior Vice President of Government Relations. “Senator Bewley’s proposal would turn back the clock to the days of massive job losses by taxing manufacturing and farm jobs.”
Manufacturing is the state’s largest sector of the economy, accounting for nearly twenty percent of Wisconsin’s economic output. The badger state has the second-most manufacturing jobs per capita in the United States. According to the National Association of Manufacturers, the average compensation for manufacturing jobs in Wisconsin is $67,833, which is forty-five percent higher than the state average.
“Manufacturing provides family-supporting jobs for 474,000 middle class families in Wisconsin,” said Manley. “It’s unfortunate that Senator Bewley appears intent on chasing these jobs out of our state with higher taxes. We look forward to having a debate about whether the Wisconsin Legislature should tax middle class jobs that serve as the financial backbone of our economy.”
Manley said WMC will vigorously oppose Senator Bewley’s tax increase.
Click here to learn more about the manufacturing income tax credit.
For Further Information Contact:
Jason Culotta, (608) 258-3400