Do we wanna be like Mick?

It'll take more than a pot 'o gold at the end of a rainbow to make Wisconsin's economy parallel the success of Ireland

Editorial by Sean Fitzgerald

“Like Mick, we want to be like Mick. We wanna be, we wanna be like Mick.”

That little ditty, just a slight departure from the “Be Like Mike” promotional campaign Gatorade used with Michael Jordan during the early 1990s, danced through my head for a moment while Gov. Doyle addressed the New North Summit in Sheboygan this past December.

Doyle – like myself, of Irish decent – began his comments rejoicing what he called the “miracle” of Ireland’s economic expansion during the past decade and the shared vision held by all Irish citizens.

What a curious example, I thought. Did Doyle intend to foreshadow similar economic opportunities ahead for the Badger State by drawing this parallel to the recent economic success on the Emerald Isle?

Like others in the audience, I waited for a more detailed account of the parallels between the economies of Ireland and Wisconsin, but nothing further was mentioned.

In the context of “shared visions,” it was a good tale. But beyond that storyline, comparing Ireland’s recent economic success to the potential opportunity for economic growth in Wisconsin is like comparing a bag of shamrocks with a bucket of Shinola.

Ireland’s economic prowess since the early 1990s has everything to with a favorable tax climate for foreign investment, and little to do with the luck o’ the Irish. It would take a substantial amount of tax policy shenanigans in Madison to even set the table for Wisconsin to experience similar growth in its gross domestic economy, as well as growth in out-of-state investment in Wisconsin.

For those of you not in attendance at the summit, I don’t want to leave the impression that Gov. Doyle’s message was empty. On the contrary, he revealed a glimpse of his Accelerate Wisconsin and Innovate Wisconsin initiatives. He also mentioned his Next Generation Agriculture proposal which was eventually rolled out in early January.

Each of these plans do intend to make Wisconsin’s tax climate a bit more comfortable. The Accelerate Wisconsin proposal would upgrade Act 255 – the state’s venture capital tax incentive code – to more effectively bridge the gap between start-ups with angel and venture capital networks, by giving a more favorable tax treatment on capital gains when those gains are re-invested back into the state.

Innovate Wisconsin would offer tax credits for increased investment into research and development, as well as property tax exemptions to equipment used in R&D. The goal of this proposal is to bring Wisconsin up to standards with other states in regard to R&D spending.

Due to B2B deadlines, I had to finish writing this piece and get it on the presses prior to the governor’s 2008 State of the State Address on Jan. 23, but I’ll bet Gov. Doyle made quite a push for these initiatives. In the next few months, it’s going to take extraordinary salesmanship on his part – perhaps even wielding a shillelagh – to persuade the legislature to enact these measures.

Passing any of these measures is at the very least a step in the direction of matching Ireland’s tax climate, which is truly the reason behind the country’s growth in wealth and resulting economic success during the past 10 to 15 years. Stay tuned to B2B for more on these initiatives as they navigate through the statehouse during 2008.

2008 All Tua Salute!
We’re excited once again to present the third annual installment of our popular Alla Tua Salute! Award recognizing healthy employers in the Fox Valley. An Italian phrase meaning “To your health!” B2B launched this honor in 2006 as means of highlighting best practices in employer-based wellness programs, which sport the ultimate goal of reducing health care utilization and encouraging employees and their families to lead healthier lives.

The 3rd Annual B2B Alla Tua Salute! Award will be presented in our May 2008 edition. If you know of an employer taking innovative steps to improve the health and wellness of its employees, consider nominating that company for recognition. See the promotional ad on Page 27 in this edition to learn more details about the award, as well as information about nominating an area employer.

Visit our Web site at www.newnorthb2b.com to download the nomination form. The deadline for nominations is April 8, so act fast!