There's a lot to be said about Forward Janesville's latest legislative effort to push through their wealth redistribution tax proposals and massive infrastructure projects for their road-building membership in the state capital. The local lobby group easily wins the attention of state legislators while local protesters ignore the class war redistribution activity right at their front door. I'm beginning to fear the lack of attention and opposition is meant to be that way. That's too bad.
No question all of Forward Janesville's proposals have roots in a much broader nationalized trickle-down economic program that generates wealth not by free market demand inspired by education, labor or innovation, but on the redistribution of government collective revenue and phony incentive derivatives. So far, Forward Janesville likes the way things have been going in Scott Walker's Wisconsin. That should come as no surprise.
Probably the best example of this is listed among their priorities in their Ryanesque “Roadmap to Rock County’s Future” legislative agenda. They have a tax "portability" gimmick that would allow businesses who qualify for state income tax credits but could not use them effectively due to no reported profit, to transfer the credits to other companies who could use them. While you're at it, why not make them inheritable too?
First of all, these tax credits are nothing more than political payback and a pox on good government. As far as I'm concerned, every public office holder proposing and supporting these crooked ideas should be dragged out of office and flogged in a public stockade.
They don't create jobs and those far less special and without their own personal lobbyist will have to make up the difference in lost revenue. That's you and me. Secondly, it's obvious that these proposals are not driven by economic development but instead are geared towards the capture of every cent in a $10 million tax revenue cache Forward Janesville arbitrarily established for the program. It could easily have been $50 or $100 million. They figure since the money is there, they're entitled to it. It belongs to them and no one else. If they miss confiscating even one dollar according to plan, they believe the credit, whether earned or not, then belongs to the next available crony. This is the entitlement mentality in hyper-drive.
If you're a regular reader here, you'll know what I think of "jobs" tax credits, but this takes that backwards theory into a whole new realm of bold-faced wealth redistribution. We need jobs. Not political games and certainly not a new treasury draining entitlement society.
These wealth redistributive gimmicks are described in Senate Bill 291 and Assembly Bill 376.