• Home
  • News
    • Politics / Govt
    • Legislature
    • Crime / Courts
    • Health / Medicine
    • Archives
  • Sports
    • Badgers
    • Packers
      • Titletown Report
    • Brewers
  • Contact Us
    • Reporters
  • Affiliates
    • Affiliate Support

Wisconsin Radio Network

Wisconsin News and Sports

You are here: Home / Politics / Govt / GOP decries capital gains tax hike

GOP decries capital gains tax hike

June 18, 2009 By WRN Contributor

State Senate Republicans say the budget passed in that chamber last night is a jobs killer. The centerpiece of the Senate passed budget plan, a proposal from Democrats to increase the capital gains tax by nearly a half billion dollars in lieu of a franchise fee on oil companies, is like an anvil dropped on the heads of the state's investors and small businesses, according to state Senator Ted Kanavas.

"What are you telling all of these people that are out there hoping and praying that some how, some way, they're going to get the capital they need to make an enterprise go? What are you saying to them? What you're saying to them is very simple," Kanavas said. "You're saying don't do it here." Kanavas said the capital gains tax would hurt Wisconsin in competition for jobs with Minnesota, Illinois and other states.

State Senator Alberta Darling was even more critical of the budget plan from Senate Democrats. Darling said it's even worse than the budget from the Joint Finance Committee. "What we're doing to the state is, we're killing the state," said Darling. "It's a very, very dark day in the state when you can look at this package and say this is a good budget for growing the economy, for jobs," said Darling. "It is not."


Kanavas predicted that, if adopted as part of a final budget package, the increase in the capital gains tax will further deepen the state's structural budget deficit.

"What you're doing us you're saying capital gains will not be reinvested in small companies, which means less jobs. Less jobs means less income tax, which means less sales tax, which means less property tax, 'cause nobody's going to be buying properties, and suddenly you're going to be in a position where two years you have nothing."

The capital gains tax hike is not a done deal: a conference committee must still work out differences between the Senate and Assembly versions of the budget. 

AUDIO: Bob Hague reports (:65 MP3)

Share this:

  • Facebook
  • Twitter

Filed Under: Politics / Govt





compeer financial celebrates beef month

Featured Stories

Wisconsin DNR warns of elevated fire danger this week

Baldwin announces U.S. Senate reelection bid

‘Tragic, terrible’ – Sheriff on Barron County police officers deaths

Two police officers killed in Barron County shootout

UW System Regents approve tuition increase

TwitterFacebook

Sports Headlines

Evers’ AmFam funding plan ‘a nonstarter’ with Assembly Republicans

New pitch clock could speed up MLB games this season, says UW expert

Giannis breaks franchise scoring record, Bucks beat Nets in OT

Wisconsin’s Davis declares for NBA Draft

Badgers to face Arizona State in Las Vegas Bowl

More Sports

Tweets by @WRN

Get our news delivered to your inbox:

Enter your email address:

Delivered by FeedBurner

Copyright © 2023 · Learfield News & Ag, LLC