In this morning's news...

May 12, 2011

Romney in Michigan

Former Massachusetts Governor Mitt Romney will deliver a speech about healthcare today at the University of Michigan Medical Center in Ann Arbor. Steve Carmody reports:

The Republican presidential contender is expected to outline a path away from the nation’s recently enacted health care reform law… Romney has been extremely critical of the health care law enacted last year, even though it’s very similar to the law he enacted as governor of Massachusetts. Romney’s speech will address his proposal to replace the law.

Declining Profits at Toyota

Toyota announced yesterday that its fourth-quarter profit fell by 77%. Reasons for the decline include the strong yen versus the dollar that eroded Toyota’s profits overseas and the fact that the automaker’s global production plummeted after March’s earthquake and tsunami. Meanwhile, the Associated Press reports that Toyota says, “its North American production will rise to 70 percent of normal in June as the company begins to recover from parts shortages caused by the earthquake in Japan"

Lawmakers Continue Debate on Tax Reform

It appears Republican leaders in the state Senate are facing a difficult challenge in trying to win approval for Governor Rick Snyder’s tax overhaul. Laura Weber reports:

The tax reform plan has been before a Senate committee this week, but there have been no votes on the measure. Republican Senators on the panel walked in and out of hearings, which may signal they weren’t ready for a vote.  The tax plan is controversial. It would eliminate the Michigan Business Tax in favor of a profits-tax on some corporations, reduce the state Earned Income Tax Credit, and tax some future pensioners. Senate Majority Leader Randy Richardville says he still hopes the Senate will vote on the package this week.