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Senator Kapenga's E-Update
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GAAP Constitutional Amendment

On Tuesday, I joined several of my legislative colleagues in introducing a constitutional amendment that would require Wisconsin to move to generally accepted accounting principles (GAAP) for all state affairs.

As a CPA, I chose to be a coauthor of this legislation because the path that we were on was unsustainable. By the end of the fiscal year 2010, the general fund deficit had grown to nearly $3 billion and people were taking notice of budgeting gimmicks. The bond rating agencies in New York were concerned about our deficits and it had a negative impact on our bond rating.

Over the past four years, we have worked to decrease the GAAP deficit and keep the state accountable for its finances. Following GAAP would bring state government in line with the same way businesses and local governments budget. To amend Wisconsin's constitution, the resolution must pass two consecutive legislative sessions and then be approved by voters in a statewide referendum.

To read the entire release, click here.   

GE to Stop Making Engines in Waukesha

On Monday, GE Power & Water announced its plan to close its engine manufacturing facility in Waukesha and move 350 jobs to Canada. Since 1906, Waukesha Engine has been a staple in the Waukesha community and has been a premier producer of engines. It saddens me to see that era come to an end.

GE stated in a press release they were making the move due to Congress not continuing the Export-Import Bank. I believe GE is inappropriately using this as political cover for an already planned move of more operations out of the U.S. because of our poor tax and regulatory climate. The main purpose of a corporation is to make money for its shareholders. With the U.S. corporate tax rate being the highest in the world, moving to Canada is in line with their main goal. You may have noted that Burger King also made this move recently for the same reason. I fear this type of activity will continue until the federal government recognizes the tax and spend mentality does not work in a capitalistic society. 

The news came as a surprise to the employees of the Waukesha facility. My heart goes out to those individuals and their families who are now faced with the challenge of finding and transitioning to a new job. I encourage those affected by the closure to utilize the Job Center of Wisconsin and The Workforce Development Center to assist them in their transition.

To read more about the plant closure, click here.

Blue Books Are Here!

Please contact my office if you would like to receive the newest edition of the Wisconsin Blue Book. The Blue Book is a Wisconsin tradition that provides a one-volume reference source about the state, documenting the state's three branches of government. 

Each copy includes descriptions of and statistics on many aspects of life here in Wisconsin, including sections on the state's population, geography, history, election data, among many other things.

This will be the last week that Blue Books will be advertised here in the e-update. However, that does not mean we are out of stock. Keep in mind that you can always contact my office for a copy.

If you would like a copy of the 2015-16 Blue Book, please contact my office at (608) 266-9174 or email me at Sen.Kapenga@legis.wi.gov

Today in History

 
1780 - In Tappan, New York, British major John André is hanged as a spy after he is captured carrying papers for traitor Benedict Arnold.
1835 - The Texas Revolution against Mexico begins as American settlers resist Mexican troops in Gonzales.
1919 - President Woodrow Wilson suffers a stroke that leaves him an invalid. 
1950 - The comic strip Peanuts by Charles M. Schultz is first published.
1967 - Thurgood Marshall, the first black justice on the U.S. Supreme Court, is sworn in.
Connect with Chris
SenatorKapenga.com

(608) 266-9174
(800) 863-8883

33rd Senate District
15 South
State Capitol
P.O. Box 7882
Madison, WI 53708
Local Events
Waukesha Farmers' Market
Saturday, September 26
8 a.m. to 12 p.m.
Riverfront Plaza

Delafield Farmers' Market
Saturday, September 26
8 a.m. to 1 p.m.
Main Street, Delafield

Fall Wisconsin Antiques
Dealers Association Show

Friday, October 2
10 a.m. to 8 p.m.
Saturday, October 3
10 a.m. to 5 p.m.
Waukesha Co. Expo Center


Town Hall Meeting
Saturday, October 3
1 p.m. to 3 p.m.
Waukesha Public Library
Copyright © 2015 Senator Chris Kapenga, All rights reserved.

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