Report: Wisconsin tax credit primarily benefits wealthy
MADISON — A new report finds that a tax credit passed to benefit manufacturers and agricultural producers in Wisconsin is primarily helping millionaires.
Wisconsin Department of Revenue data included in the report released Tuesday by the Wisconsin Budget Project shows that 78 percent of the tax credits last year went to people earning more than $1 million.
Those millionaires represent the top 0.2 percent of all tax filers in the state.
The Budget Project report shows that the rate of growth in manufacturing jobs has not increased since the law went into place in 2013.
The law was approved by the Republican-controlled Legislature and signed by Gov. Scott Walker in 2011. Last year $284 million was handed out in income tax credits under the program.