Wednesday, May 14, 2008
Legislature to Close Wal-Mart Loophole
The State Senate took the lead today to end the loophole that lets Wal-Mart and other big corporations evade $15 million annually by exploiting the state tax law (and the taxpayers).
Under the tax evasion scheme, tells the Institute for Wisconsin's Future, Wal-Mart would have one part of its business pay another part of the biz for rent allowing it to "reduce" its Wisconsin profits and consequently, reduce the amount of money it's required to provide the taxpayers of Wisconsin.
As part of the budget repair bill, Senate Dems voted to close loophole and save the people of Wisconsin the $15 million it costs to give Wal-Mart et al this ridiculous tax giveaway.
Wal-Mart is already bilking the taxpayers of Wisconsin by having over 1,200 employees and their dependants get health care through BadgerCare at a cost of $2.7 million.
Hopefully, closing this loophole will be part of a long-term effort to restore sane and progressive tax policy to the state of Wisconsin.
OWN has previously called for restoration of the estate tax, which ended this year. If you haven't signed our petition on that yet, click here to take action today.
Posted by THE MILWAUKEE BLOG at 8:09 PM