Wisconsin Refuses Foxconn Tax Subsidy Payment As Company Abandons Factory Plans
Mon, 10/12/2020 – 15:50
More than two years have passed since President Trump presided over the ground-breaking ceremony – alongside then-Gov Scott Walker – of a new Foxconn plant in Wisconsin, a deal the president hailed as proof of the world’s confidence in his job-creating prowess.
Unfortunately, that photo-op turned out to be the high-point of the deal, and what was slated to become Foxconn’s first factory in the US has been plagued with issues from the start. However, the state can only seemingly venture a guess as to what those problems are.
There was talk about Foxconn needing to bring in its own Chinese engineers due to skilled labor shortages. But we can’t say for certain whether this, or another issue – say the souring mood between Washington and Beijing – might be to blame.
The initial deal called for Wisconsin supplying $3.3 billion in state subsidies in exchange for Foxxconn investing $10 billion into a new LCD manufacturing plant, which was projected to create 13,000 “family sustaining” manufacturing jobs; that’s a rate of roughly $230,000 per job. However, the state has already sunk money into the project. Though none of what has been spent so far can be clawed back from Foxconn.
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