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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.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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