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Memo shows wealthiest taxpayers benefit from tax credit

MADISON, Wis. (AP) — A new memo from the nonpartisan Legislative Fiscal Bureau estimates that 11 taxpayers earning more than $35 million each in 2017 will claim about $21 million in tax breaks from a program targeted at manufacturers and farmers.

The memo released Wednesday comes a day after a report by the liberal Wisconsin Budget Project that presented similar data to criticize the Manufacturing and Agriculture Tax Credit.

The latest memo estimates that 1,270 individual income tax filers earning $1 million or more a year will earn about $162 million in credits.

Democrats have long criticized the tax credit as being too expensive at a time when budgets for schools, roads and higher education are strapped.

But its supporters say the tax credit helps attract companies to locate and expand in Wisconsin.

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