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Small Business Support
One of Governor Tommy Thompson's main priorities was the welfare increase of the Wisconsin state's residents. The main problem consisted of the expensive public services and the population's incapacity to access these services because of unemployment and low incomes. Especially, Thompson focused on enabling access to good education and medical services.
Encouraging the private sector with tax reductions, Thompson managed to create affordable services, especially for low-income families. The development and implementation of modern policies allowed the Governor to find small business support resources.
The effects of the incentive could be explained as follows: small and medium-sized enterprises have beneficiated from the income and dividends tax reduction. Moreover, the policies included growth incentives for these companies. Overall, the private sector raised the business investments and created new jobs for the Wisconsin residents.
These measures were planned to affect long-term economic development positively. The support for small businesses led to employment growth. On the other hand, the income tax reduction boosted consumer spending among the population. Governor Thompson managed to create a repeating cycle of economic growth by developing policies for people and offering support for the private sector.
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