there are numerous breaks from the corporate income tax. These include scores of individual business-assistance programs that give tax credits for such things as research ($18 million annually) and investment in so-called development zones (about $14 million).
...Twenty years ago, 10% of the state's tax revenue came from the corporate income tax. Today's share is barely half that.
...The state Department of Revenue reports that most Wisconsin businesses pay zero corporate income tax. For example, of the 4,275 companies that filed returns in 2003 showing annual receipts of more than $100 million, 62% paid absolutely no corporate income tax.... Among the companies that in 2003 paid no income tax are some big names: McDonald's, Merck, Microsoft, PepsiCo, Kimberly-Clark, Johnson Controls (the largest Wisconsin-based firm), Kohl's and Snap-on Tools.
... Johnson Financial Group, Johnson Bank, Johnson Outdoors, JohnsonDiversey, along with the original S.C. Johnson & Son. From 2000 through 2004, not a single one of these firms paid a cent in Wisconsin corporate income tax.
... Tax data from 2004 were obtained for 22 firms with executives sitting on WMC's board of directors. Twelve of the 22, including Growcock's Manitowoc Company, paid zero state corporate income tax."
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Re: Power corrupts...
Date: 20/3/11 19:13 (UTC)there are numerous breaks from the corporate income tax. These include scores of individual business-assistance programs that give tax credits for such things as research ($18 million annually) and investment in so-called development zones (about $14 million).
...Twenty years ago, 10% of the state's tax revenue came from the corporate income tax. Today's share is barely half that.
...The state Department of Revenue reports that most Wisconsin businesses pay zero corporate income tax. For example, of the 4,275 companies that filed returns in 2003 showing annual receipts of more than $100 million, 62% paid absolutely no corporate income tax.... Among the companies that in 2003 paid no income tax are some big names: McDonald's, Merck, Microsoft, PepsiCo, Kimberly-Clark, Johnson Controls (the largest Wisconsin-based firm), Kohl's and Snap-on Tools.
... Johnson Financial Group, Johnson Bank, Johnson Outdoors, JohnsonDiversey, along with the original S.C. Johnson & Son. From 2000 through 2004, not a single one of these firms paid a cent in Wisconsin corporate income tax.
... Tax data from 2004 were obtained for 22 firms with executives sitting on WMC's board of directors. Twelve of the 22, including Growcock's Manitowoc Company, paid zero state corporate income tax."