Tax Avoiding Senator Proposes Deficit-Growing Tax Break Primarily Helping Wealthy
Madison - Sen. Randy Hopper (R-Fond du Lac), who paid net state income taxes once in ten years, has proposed an end to capital gains taxes, which primarily benefit the wealthy and would cost $250 million a year, according to the non-partisan Wisconsin Legislative Fiscal Bureau.
"How much less than zero does Randy Hopper think he should have to pay in taxes," said Ross. "Ending capital gains taxes overwhelmingly benefits rich people, doesn't create private sector jobs and would create an annual $250 million hole in the state budget."
Hopper introduced his plan this week to repeal recent changes to the state's generous capital gains loophole and end capital gains taxes all together in three years. The first part of this plan would add $243 million to the current $3.3 billion budget deficit for the next two years and full implementation of the Hopper capital gains scheme would top $250 million every year.
Hopper's lack of tax payment was raised in an article in the Fond du Lac Reporter in October 2008. The article noted that Hopper not only paid state income tax just once in ten years, but also had three businesses, which also paid no net state income tax. According to the article, "In 2006 he paid $22,752 in state tax due, he said, to capital gains from the sale of one of the two radio stations he owns in Sheboygan."
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http://www.onewisconsinnow.org/press/tax-shy-randy-hoppers-250-million-yearly-capital-gains-giveaway.html