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Foxconn mostly abandons $10 billion Wisconsin project touted by Trump
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Foxconn s Wisconsin deal touted by Trump shrinks from 13,000 jobs to 1,454
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Foxconn s Wisconsin deal touted by Trump shrinks from 13,000 jobs to 1,454
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An Opening, “No-Change” Audits, A Veto, and A Deal
Senate Democrats may be settling on a 25 percent corporate tax rate. The news service Axios reports that a growing number of Senate Democrats are looking at raising the corporate tax rate from 21 percent to 25 percent. The rate was first floated by swing Democrat Joe Manchin and would be lower than the 28 percent proposed by President Biden. However, Biden has expressed a willingness to compromise on some details of his American Jobs Plan infrastructure proposal.
Will corporate America accept a tax increase?
The Washington Post reports on an effort by the White House to make the most of tension between corporate America and the Republican Party. Biden is betting that big business won’t throw its weight behind GOP efforts to block his proposed increase in corporate taxes. White House officials have been making a direct pitch to business groups for Biden’s infrastructure plan funded by a higher corporate taxes.
Foxconn deal with Wisconsin lowers tax breaks to $80 million
By Scott Bauer
MADISON, Wis. - Foxconn Technology Group will be eligible for just $80 million in taxpayer subsidies under a new contract signed Tuesday, down from nearly $3 billion it could have received under the original deal that envisioned a much larger project in southeastern Wisconsin.
Democratic Gov. Tony Evers, who ran in 2018 as a critic of the deal that his Republican predecessor struck with the world’s largest electronics manufacturer, announced details of the new contract after it was approved by the Wisconsin Economic Development Corp. during a closed session. The last deal didn’t work for Wisconsin, and that doesn’t work for me, Evers said. Today I’m delivering on that promise with an agreement that treats Foxconn like any other business and will save taxpayers $2.77 billion, protect the hundreds of millions of dollars in infrastructure investments the state and local communities have already