Monday, March 21, 2011

Simple Math

Take out your calculator.

Begin with $121 million.
Subtract $170 million (Medicaid).
Now, subtract $21 million (corrections programs)
Then, subtract $58 million (owed to Minnesota for tax reciprocity)

You should have -$137 million showing.

I can't get passed the simple math of the so-called budget "crisis".  
When you owe money and you're in debt, would you cut your revenue? 

Walker’s tax cut laws:

-$48 million on tax breaks for those who use HSA's (like Medical 401K's).  Right now, HSA's are used mostly by those with high-incomes that do not have access to a group plan.  

-$25 million to the Economic Development Program, which already has a large amount sitting in it that is unused.  

-$67 million to reduce corporate taxes.  (The Government Accountability Office reports that 72 percent of all foreign corporations and about 57 percent of U.S. companies doing business in the United States paid no federal income taxes for at least one year between 1998 and 2005.)

That’s -$140 million added to the -$137 already accrued. 

Check the math.

These tax breaks “will add $117.2 million to the projected $3.6 billion budget gap in the next two-year budget cycle, which begins July 1, 2011.” 

Does it appear that balancing the budget is a priority?  If somehow, you're answer is 'yes', then consider who these tax breaks are benefiting.

How many will benefit from these tax cuts?
Who will benefit? 
Not the worker.  Not the middle class.  Not the average citizen.
  

No comments:

Post a Comment