A planned Foxconn manufacturing facility in southwest Wisconsin could cost taxpayers roughly $4.5 billion, a state assemblyman said Tuesday. Wisconsin Assemblyman Gordon Hintz (D) told reporters that a memo from the state legislature's fiscal bureau indicated the cost of the facility to the public will likely be higher than the $3 billion Gov. Scott Walker (R) projected last year. ... The $4.5 billion mostly consists of costs to state government through tax credits the state granted Foxconn over a 15-year period.
Chip Chip Chip and the granite foundations crumble. It's just a little change preceded by another followed by another. Back to the bad old days! MAGA!
According to the White House's own compilation and more recent announcements, only 16 companies in the S&P 500 have responded to the tax overhaul by raising wages, handing out bonuses or improving employee benefits. The wage hike and additional charitable giving will cost Wells Fargo about $215 million in 2018, according to investment bank KBW. That represents just 5% of Wells Fargo's total estimated earnings benefit from the tax overhaul, KBW estimates. "It's a token compared with what companies are actually saving. Where is the rest of the money going?" said Jeffrey Sonnenfeld, senior associate dean at the Yale School of Management. read more
The $3 billion incentive package used to lure Foxconn to Wisconsin to build a giant factory was only the beginning. Associated sweeteners have now grown to more than $4 billion -- adding in the cost of local government incentives and various infrastructure projects, like roads and highways, sewer and power lines. ... "It's way too much money and it never seems to stop growing," [Democratic state Rep. Dana] Wachs told CNNMoney this week. "It just keeps on taking from Wisconsin taxpayers. There is a substantial negative reaction to this deal all over the state. I can't go in the grocery store without people stopping me to talk about this issue."