Making the state's finances easier to understand
Governor Rick Snyder will speak later today in Lansing to the group Business Leaders for Michigan. He will release an outline of the data he thinks people need to understand the state’s budget crisis. He's expected to talk about his plans to reshape the state’s tax on businesses.
The Snyder administration has been circulating a draft version of a plan to scrap the complex and unpopular Michigan Business Tax in favor of a six-percent corporate income tax.
But the governor cautions his business tax reform plan remains a work in progress:
There’s a lot of speculation going on, and it’s a good dialouge to have out there in the public. I think we’re going to have a great plan based on simple, fair, and efficient.
The governor says he’d like to make paying Michigan’s corporate tax so simple it can all fit onto a single page. He wants it be an overall tax cut on Michigan’s business sector -- though some companies will pay more, some will pay less, and some will pay no business tax at all.
Manufacturers and other businesses say they are withholding judgment until they see how it might affect their bottom lines.