MADISON — Wisconsin Manufacturers & Commerce released the fifth episode of its limited video series based on WMC Foundation’s Wisconsin Competitiveness Report — highlighting the challenges facing Wisconsin’s economy and what it will take to move forward. In the episode, WMC President/CEO Kurt R. Bauer and Director of Tax, Transportation & Legal Affairs Evan Umpir break down how the state’s tax and regulatory climate is failing Wisconsin.
Wisconsin taxpayers and job creators face one of the heaviest tax burdens in the country, with the 9th-highest individual income taxes and 12th-highest corporate taxes. On top of sky-high individual income and corporate tax rates, Wisconsin’s property taxes are the 8th-highest in the nation and are only getting worse due to Governor Evers’ 400-year autopilot property tax hike.
“When we talk about talent attraction and migration trends, right now, we are seeing that people are moving from high-cost states to lower-cost states — Taxes are obviously a part of that. This trend is significant. Wisconsin obviously already has a demographic issue. It’s so important to lower our tax rates to attract and retain investment and talent into the state of Wisconsin.” — Kurt R. Bauer
In addition to Wisconsin’s tax climate, Bauer and Umpir break down how Wisconsin’s regulatory climate continues to create unnecessary barriers for employers, entrepreneurs, and job creators. Wisconsin is the 13th-most regulated state in the nation.
“Back in 2023, the National Association of Manufacturers released a study that estimated that regulations, nationally, cost over $3 trillion. That’s equivalent to the world’s 8th largest economy. That’s just federal regulations. Wisconsin, unfortunately, has more than 165,000 additional regulations on top of that. That is really a hidden tax on employers.” — Evan Umpir
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