From October 24, 2022 post
Yesterday, a new report revealed neither Ron Johnson’s business or multimillion dollar family trust have paid any state taxes since 2013 and 2016, respectively. Instead of paying the thousands and thousands of dollars in state taxes, Ron Johnson took advantage of a loophole while working people struggle.
Lt. Governor Mandela Barnes, candidate for U.S. Senate, made the following statement:
“Ron Johnson thinks the wealthy should have one set of rules and working people should have another. And while he rigs the tax code for himself and his wealthy donors, he’s standing in the way of the things that would help working people pay the bills like lower costs for prescriptions drugs and affordable health care.”
WKOW: From six-figure tax bills to $0: Why trust fund set up by Sen. Johnson no longer owes state taxes
State records show a trust fund started by Republican Sen. Ron Johnson hasn’t paid any Wisconsin taxes since 2016. Before then, the fund paid hundreds of thousands of dollars each year in state taxes.
Tax records obtained from the Wisconsin Department of Revenue showed the Ronald Johnson and Jane Johnson Irrevocable Endowment Trust paid between $400,000 and $920,000 annually in state taxes between 2011, when Johnson was sworn into his first term as a U.S. Senator, and 2015.
From 2016 on, however, the trust fund didn’t pay a single cent in state taxes.
State records also showed the Oshkosh plastics company Johnson once oversaw hasn’t paid state taxes since 2013. Johnson owned five percent of the company during his time in the Senate.
The report noted critics of the credit argue it largely benefits the wealthy. For instance, the credit means owners of manufacturing businesses now have to make more than $3.7 million from the business before they’d owe any individual income taxes.
Original source can be found here.
