So, I went and read this bill Juliana keeps talking about.
It’s AB 1209.
It’s authored by gubernatorial candidate @FrancescaHongWI and it’s absolutely bonkers.
Please get comfortable and stick around because there is a whole lot of craziness to unpack.
First, the bill raises taxes on filers in Wisconsin’s top income tax bracket by 15.69% these are people making over $323K.
So now we know how they’re defining “super rich” and “billionaire.” It’s people making $323K.
This alone would make WI the 9th highest income tax state but the bill doesn’t stop there.
AB 1209 creates a new bracket starting at $750K and sets the tax rate at 17.70%.
17.70!
Under Hong’s plan, WI will be #1 in America for income taxes.
So who will be paying this tax?
Billionaires?
Not really.
Wisconsin hardly has any.
The majority of payers will be mom and pop small businesses.
This is because the overwhelming majority of small businesses file not as corporations but as individuals, pass-throughs, S-corps, etc… and pay the individual tax rate.
Close to 80% of small businesses file this way and a substantial majority of people who will be hit by this 17.7% tax will be small businesses.
So this isn’t a “billionaires” tax at all.
This is a successful small business tax.
And this is all before we get into the strange way the bill plans to increase state school aids.
Under the bill, for purposes of calculating equalization aids and revenue limits, a middle class English speaking child will only count as 71% of a child as compared to a limited-English, low income pupil.
I thought all children were equal but I guess under Hong’s bill some are more equal than others.
I’d love to see the Legislative Fiscal Bureau run this district by district so we can see who wins and who loses under Hong’s weird plan of counting some children as lesser than other children.
Finally, I don’t see anything in the bill limiting property taxes. Presumably they would just keep going up despite increased state aids.
So, how would this net out?
If this bill passed, we could immediately expect:
- Most of WI’s wealthiest would leave.
- Thousands of small businesses would close their doors.
- Large corporations will transfer their executives elsewhere and some will abandon Wi. It will no longer be possible to recruit talent to WI. (This is happening with Starbucks and Amazon right now in Washington over a 9.9% tax. Guess what a 17.7% tax will do.)
- The Packers and Brewers will not be able to recruit talent. (I spent last week with some NFL players and they assured me that this is a big deal).
- Tax revenues will plummet. WI will face a budget deficit and effectively go into recession.
- Despite the new state aid increases, local governments appear to be able to raise property taxes more (and they’ll need to after commercial values plummet due to all the office buildings being abandoned).
If this isn’t bad enough, the Hongs and Julianas of Wisconsin have other bills including a local option super tax, which is a great way to chase entrepreneurs out of your city.
But the point is that this is unserious policy. To call it sophomoric is an insult to sophomores.
This is economic suicide that can only come from the fever dreams of fervent communists.
After reading it, I’m more motivated than ever to elect @TomTiffanyWI.
@HeartlandPostWI@DanLennington@DanODonnellShow@VickiMcKenna@maciverwisc@AFPWI@WILawLiberty@meganjnovak@yount1130@WisGOP@alexbruesewitz
Minnesota Rep Ilhan Omar attempted to send $1.46 million dollars in funding to an address for a nonprofit called “Generation Hope”
The address to receive the money isn’t a treatment facility, it’s a restaurant
After this was discovered House Republicans stripped the earmarked money to “Generation Hope” over fraud concerns. Senators called for DOJ investigations into the group
Ilhan Omar tried to launder $1.46 million dollars taxpayer money and got caught
Imagine how many times she didn’t get caught over the years
Substance Abuse Clinic in Minneapolis has a QR code in the window that leads to a google forms page, and on page 2 it asks people to enter their social security number.
This is the clinic Ilhan Omar said would be receiving the $1.4M that was blocked.
When has a person ever needed to submit their SOCIAL SECURITY NUMBER into a GOOGLE FORM?!
“Minnesota approved $1 MILLION for a ‘substance abuse clinic.’”
So someone checked the address.
It’s a RESTAURANT.
Same three names on the paperwork.
Same residential address.
No clinic. No patients. No operation.
How is fraud this obvious getting approved?
@redheadranting This is excused as “just being part of a big city.”
I drive through it once a month and it pisses me off and saddens me to see what’s no acceptable in Mpls.
At one point, California had more people applying for unemployment than there were adults in the entire state. $32.6 billion. Gone. Prisoners collected. Dead people collected. I warned them. I begged them not to let the money go out like that. They suspended every rule anyway. The tools to stop this exist. So why are the doors still open? 30 years tracking fraud. This is the biggest in American history.
It didn't have to happen. And it doesn't have to continue.https://t.co/ONy2HhBeM6
@surelypodcast Listened to both today. The summer of '86 was 5150 and DLR solo vids, and it was an amazing time to be alive!
- I think "5150" is one of their best songs (Van Hagar)
- Best of Both... and Summer Nights captured that 86 summer
- GGB - House of Pain, love them now!
@kennedykyle_@CoachShiffman So it’s the money, not about coaches etc. I get it.
Will be interesting to see where and if those guys that left end up in “better” situations.
Every member in the U.S. Senate agrees we cannot allow Iran to acquire a nuclear weapon.
I’m baffled why so many are unwilling to support the only action to achieve that.
Empty sloganeering vs. commitment to global security — which is it?
An Amish family is shattered. A wife and mother lost her husband and her boys.
Why? Because some wealthy foreign national launched a scam trucking company and put an illegal immigrant with a fraudulent CDL on Indiana’s roads. Foreigners get rich and Hoosiers pay for it in blood.