corporate income tax

Derek DeVries / Grand Rapids Community College

U.S. Senator Carl Levin (D-MI) introduced legislation Thursday he says will close a number of tax loopholes. Levin sees the bill as part of a larger plan to reduce the federal deficit.

Levin says his bill would provide about $220 billion more in tax revenue over ten years.

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DETROIT (AP) - About two dozen people chanting "pay your fair share" were escorted from the General Electric Co. shareholder meeting in Detroit's Renaissance Center as more than 1,000 others picketed outside the downtown building.

Organizers said Wednesday morning's protest was part of the "99 percent" movement and a call for GE and others in corporate America to pay a fair share in taxes.

The crowd later marched onto nearby Jefferson Avenue, where traffic was temporarily blocked. Detroit police, including some on horseback, monitored the demonstration. No arrests were reported.

GE spokesman Gary Sheffer has said GE's 2011 U.S. income tax rate of 25 percent has been paid.

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A new report says three Michigan companies spent more on lobbying than they did in corporate income taxes between 2008 and 2010.

Those companies include Michigan’s two biggest utilities, DTE and Consumers Energy. It also includes Ann Arbor-based freight hauler Con-way.

A state House committee is debating a tax-reform package that includes eliminating the state’s business tax and replacing its revenues with a corporate income tax and taxing pensions. Governor Snyder says he wants a state budget in place by the end of May.

However, fierce divisions over how and where to reform taxes – especially over whether to tax pensions – are slowing negotiations.

Snyder’s pleased with the progress on the budget so far:

“Things are going reasonably well in terms of that process.   And we’re working on a very fast time frame.  We’re well ahead of the way things traditional done in past years.  And we’ll still on a path to get fundamental reform done."  

Snyder says he's not put off by the harsh criticism that his budget and tax plans have generated: 

“That’s part of the legislative process.  That’s part of democracy.   But as a whole, I believe the framework we put out there will go ahead and if anything I hope it could be an improved product with the good dialogue we’re having today.”  

Some Senate Republicans have said they will not vote for any pension tax. And many Democrats are upset, claiming they have been locked out of negotiations altogether.