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Wisconsin Won't Break Even On Foxconn Plant Deal For Over Two Decades (theverge.com)
Last month, Foxconn announced plans to build a $10 billion factory in southeastern Wisconsin in exchange for $3 billion in tax breaks. While the factory was heralded as a big win for President Trump and Governor Scott Walker, a report issued last week says the plan is looking less and less like a good deal for the state. In the report, Wisconsin's Legislative Fiscal Bureau said that the state wouldn't break even on its investment until 2043 -- and that's in an absolute best-case scenario. The Verge reports: How many workers Foxconn actually hires, and where Foxconn hires them from, would have a significant impact on when the state's investment pays off, the report says. The current analysis assumes that "all of the construction-period and ongoing jobs associated with the project would be filled by Wisconsin residents." But the report says it's likely that some positions would go to Illinois residents, because the factory would be located so close to the border. That would lower tax revenue and delay when the state breaks even. And that's still assuming that Foxconn actually creates the 13,000 jobs it claimed it might create, at the average wage -- just shy of $54,000 -- it promised to create them at. In fact, the plant is only expected to start with 3,000 jobs; the 13,000 figure is the maximum potential positions it could eventually offer. If the factory offers closer to 3,000 positions, the report notes, "the breakeven point would be well past 2044-45."
Eliminate corporate taxes on businesses with HQs and/or manufacturing plants located in the US and simply tax any income an individual makes.
Businesses are what make and drive wealth. Make it easy for them to make money and everyone wins. European style wealth redistribution and regulation is the reason why the Europe measures their GDP gains in half a percent (if any).
And count dividends and corporate gains against regular income and not discount it with some bullshit separate tax.
This encourages domestic business growth. Take it a step further and restrict income distribution by multinationals to locales with favorable income taxes too. This can be easily done with a combination of enforcement and legislation.
And no, automation isn't a problem and won't be a serious issue for the workplace at a minimum for 50+ years. Drones won't be delivering packages, self driving cars will continue to be dangerous and mediocre, bipedal robots will still hundreds of thousands of dollars, and overall automation will still be purpose built and expensive to test and implement. /unpopular opinion
I thought lefties hated capitalism? Now they're afraid a state government won't break even quickly enough?
Get your story straight proggies. You either hate profit motive or you don't.
Roads, schools and police exist to serve the people, the people don't exist to serve the roads, schools, and police.