MI: Corporate Tax Cuts, Bigger Budget Hole

Michigan Governor Rick Snyder “wants to cut business taxes by 86%, lowering revenue from those taxes from $2.1 billion to approximately $293 million – a drop of $1.8 billion, all during a recession that has Michigan, like so many other states, strapped for cash. To close that gap, personal income taxes would go up from $5.75 billion to $7.5 billion – and rates on the lowest earners would go up more than rates on the top 1%.” Source: Forbes.com

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