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Gov. Rick Snyder signs Michigan business/income tax overhaul into law
By | Wednesday, May 25, 2011, 2:37 PM
Impressive, not even half a year and he has managed to line he and his buddies pockets at the expense of the general public.
Just you atypical corporate thief grandstanding from his gated enclave in Ann Arbor.
As my father says, the gates on a gated neighborhood are not there to keep the crooks out, but to keep the crooks in :)
Just for your information, this revenue shift has no effect on the roads and bridges in Michigan. Road & bridge funding is from a fixed tax on fuel, vehicle registration and the redistribution of fedral fuel taxes. With the high price of fuel people are driving less and because it is a fixed tax per gallon, there is no additional revenue from higher fuel prices. The sales tax does increase with the fuel price but that revenue is earmarked for education funding. The roads are going to get a lot worse and cost much more to repair before preserving this infrastructure becomes a priority in Michigan.
"The difference is being made up with $1.42 billion in additional income taxes, which includes applying the tax to pensions and other retirement income."
I guess I am confused. Isn't this just wealth redistribution (i.e. socialism) and shouldn't the Obama critics be barking the same nonsense about this tax bill that they have been about Obama's plan to let the tax cuts expire for the rich? Interesting.
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Snyder and Lt. Gov. Brian Calley call the plan a game-changer for the state’s business tax climate and say it defuses the fiscal “time bomb” that allowed retirees to exempt their pension income from tax.