Tax breaks for Foxconn plant considered in Wisconsin

Wisconsin

Trump said Foxconn chairman told him 'off the record' that company may triple Wisconsin investment to $30 billion

Trump says Foxconn CEO Terry Gou told him "off the record" that the Taiwanese company may end up investing $30 billion.

Trump made the comments while addressing small-business leaders at the White House.

At the press conference, Gou announced that Foxconn will spend US$10 billion over the next four years building a LCD panel manufacturing plant in Wisconsin.

But according to the President, "He told me off the record, he thinks he may go $30 billion".

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"He told me off the record he thinks he may go US$30 billion". "That's called big business, by the way".

Foxconn issued a statement on August 2 that the Wisconsin plant "will be the first of a series of facilities we will be building in several states as part of the robust electronics ecosystem we will be creating in the USA".

News 3 also recently reported the Foxconn chairman visited the UW Carbone Cancer Center to discuss the potential for collaboration.

"It's a moving target", a source said of the Foxconn inquiries.

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"It seems to me that the burden of proof should be on the state to show that the project is transformational enough to justify a very high cost per job-year", said Bartik, who also questioned whether numerous workers could end up commuting from IL.

Lawmakers are already considering an unprecedented package of up to $3 billion in state subsidies and exemptions from environmental rules to bring the flat screen plant and thousands of jobs to either Racine or Kenosha counties. Some other opined that he was trying to test the response of Foxconn to the claimed US$30 billion investment or leverage the matter to directly triple his administration's achievement in soliciting overseas foreign investments in the manufacturing industries in the US. It's best known for making iPhones and other Apple devices but its long list of customers includes Sony Corp., Dell Inc. and BlackBerry Ltd.

The bill would also allow the state to borrow $250 million for the Interstate 94 rebuilding project, which connects Milwaukee and Chicago and is near where the plant is expected to be.

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