Foxconn’s promise to invest $10 billion in Wisconsin is now a distant memory | It’s now selling two mostly empty buildings in the state.::Foxconn is selling two buildings in Wisconsin, which have remained mostly empty since they were originally purchased for its plans to bring production to the US…
I remember arguing with a co-worker about how this deal was pure crap, and even if Foxconn delivered all the jobs they said they would, it would take 40 years to recoup the cost of the tax breaks. Scott Walker screwed over that area of the state HARD, people had land ceased/forced out, huge costly changes to the infrastructure in that area where the factory was supposed to be.
Surprise surprise, the shitty deal turned out to be a shitty deal.
How much do you think the taxpayers are on the hook for from the deal? Just curious what you think.
Wooing Foxconn to set up shop in the US was always a head-scratcher. These are the kinds of jobs Americans were jealous Asians had, and wanted to reshore? Low-margin contract manufacturing? Really?
One more fire the Trump win column! /s
The latest deal between Foxconn and Wisconsin reduces the planned subsidies for the project, which ultimately could have cost taxpayers over $4 billion. Foxconn is now eligible for $80 million in tax credits, down from $2.85 billion. Governor Tony Evers said those credits are in line with those for which any company is eligible. They’re performance-based and will depend on whether Foxconn hits capital investment and employment targets.
Emphasis above is all mine. This is non-news. They talked about what could have been but the subsidy was based on actual invements being made and people being hired.
Foxconn created ~1500 jobs (e.g. ~11% of what they targeted) and only got ~2.8% of the subsidy. Didn’t Michigan win?
Didn’t Michigan win?
“total costs for taxpayers and ratepayers to build the manufacturing campus to $683 million… with more costs likely to come.”
That doesn’t sound like winning. The state spent a fortune up front on surrounding infrastructure that was needed before Foxconn could start operating, and they never started operating.
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Another major victory for the Republican party! Good job everyone!
