Tagged: taxes

Michigan lawmakers are looking at how to get online retailers to collect state sales taxes.

Currently, shoppers are supposed to report any sales taxes they owe on online purchases, and pay them with their income tax.

But most people don’t.

State Representative Eileen Kowall’s bill would put the responsibility on the online retailer.   She’s quick to say this is not a tax increase, just making sure that the taxes that are owed are being paid.

Kowall says the current system puts Michigan’s ‘bricks and mortar’ retailers at an unfair disadvantage.

State House Democrats spent “tax day” pushing a plan to repeal several state tax policies.
 

LANSING, Mich. (AP) - Michigan says the new corporate income tax returns it's processing are much shorter in length than other business tax returns.

The state Department of Treasury says the returns submitted to date average 17 pages. That's 41 fewer pages than the average Michigan Business Tax return.

The Corporate Income Tax approved in 2011 took effect for the 2012 tax year. Some businesses still file an MBT return because they qualify for certain tax credits.

The state says some MBT returns are longer than 1,000 pages.

Michigan could loose $140 million if federal budget cuts happen Friday

"The White House says Michigan faces about $140 million in losses if an automatic federal budget cut takes effect Friday, and U.S. Sen. Carl Levin says he's hopeful the deadline pressure will prompt Congress to raise money by closing some tax loopholes. The cuts include $67.7 million in gross pay to 10,000 civilian Defense Department employees in Michigan and $42.2 million to K-12 and disability education programs in the state," the Associated Press reports.

Bankruptcy planning for Detroit

"It appears that officials are laying the groundwork for a so-called 'managed bankruptcy' in Detroit—though they hope that won’t actually happen. A process for going through chapter nine municipal bankruptcy is laid out in the state’s new emergency manager law that kicks in next month. Governor Snyder acknowledges that bankruptcy might be the only way to reduce Detroit’s long-term debt—estimated at more than $14 billion," Sarah Cwiek reports.

Taxes impact low and moderate earners this year

"Changes to Michigan's tax structure are hitting low and moderate earners hard this year. Lawmakers approved changes in 20-11 that cut 1-point-6 billion dollars in business taxes, but raised taxes on individuals. Low-income families could be the hardest hit, with the elimination of the child tax deduction, and a reduction in the Earned Income Tax Credit," Vincent Duffy reports.

Ever wonder where your Michigan tax dollars go?

MLive’s Jonathan Oosting has an article today that breaks it all out.

He notes that:

Michigan is one of eight states that levies a sales tax on fuel purchases, but it does not devote any of that revenue to road maintenance or repairs.

LANSING, Mich. (AP) - In the height of tax season, many Michigan residents owe more money to Lansing.

Some major income tax changes approved 21 months ago by Gov. Rick Snyder and lawmakers are just now starting to hit taxpayers filing their state returns.

Homeowners and renters used to qualify for a credit if their household income was no more than around $83,000 a year. Now they don't get it unless their total household resources are $50,000 or less.

A state tax deduction for children is gone. So is a special exemption for seniors.

Governor Snyder says despite mounting political tension, his second year in office brought about many major accomplishments.

During a year-end roundtable with the press today, the governor touted a number of policies he says will move the state forward.

They include an agreement to build a new international crossing in Detroit, a phase-out of the state’s tax on industrial equipment, and a regional transit authority for southeast Michigan.

Snyder had to be asked before he made any mention of some of 2012’s controversies, including the new “right-to-work” law, and emergency managers.

He says lawmakers in 2013 should not let those issues get in the way of bipartisanship.

"That’s the start of the process to bring people back together, to say ‘we’re looking beyond just people saying they’re fighting, but we should be looking to service our citizens,’" said Snyder. "Because what really matters is customer service to our citizens, not hard feelings over some other particular issue."

The governor also said the “right-to-work” law is already attracting attention from businesses looking to move to Michigan.

Governor Rick Snyder has approved an overhaul of how mining is taxed in Michigan.

Right now, mines pay a mix of property taxes, income taxes and sales taxes.

Soon, mines will instead be taxed on the amount of nickel, copper, and other ores are pulled from the ground.        

Snyder said he expects the simpler tax structure will lure more mining operations to northern Michigan.

Colin Chauret grew up in Bay City during World War II, fascinated by the Battle of Britain and dreaming of becoming a Spitfire pilot. When he graduated, he joined the service.

They taught him to fly, but instead of sending him to battle, they used him to train other pilots. The war ended before he could see combat. But Chauret stayed in, and eventually flew a hundred combat missions in Korea. He later was a staff officer in Vietnam.

He spent more than 30 years in what became the U.S. Air Force, rising to full colonel before he retired. He turns 90 in January, and is still military to the core. Two of his sons and one grandson are Air Force lieutenant colonels. He’s deeply religious, and credits God for saving him from one crash that killed a close friend.

Most afternoons, he walks for exercise in a shopping mall near where they now live in San Antonio, and shakes the hands of every wounded veteran he sees. These days, however, he is more interested in government.

He is worried about the fiscal cliff, the health of his native Michigan and the national debt most of all. But his views are not what you might think. “I am a liberal and damn proud of it,“ he told me, adding, that “after all, Jesus was the greatest liberal of all time.”