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taxes

Lester Graham / Michigan Radio

Senate Bill 1 has been introduced, and you can read it, in its entirety - here you go:

The Michigan business tax act, 2007 PA 36, MCL208.1101 to 208.1601, is repealed.

The bill was introduced by Senator Dave Hildenbrand and comes in advance of Governor Rick Snyder's State of the State address tonight.

Replacing the Michigan Business Tax was one of candidate Snyder's main promises to voters.

Laura Weber of the Michigan Public Radio Network filed a report on Senate Bill 1:

Senator Dave Hildenbrand...says his bill is more aggressive than a similar bill introduced by House Republicans, which only repeals part of the business tax:

"Well we wanted to send a strong message that we want to create a better business climate in this state so our job providers can provide jobs. It’s pretty clear, I think to all of us, that the Michigan Business Tax is an obstacle for employers to good create jobs, expand, for the ability for us to attract job providers to Michigan. So we’ve declared war on the Michigan Business Tax."

Governor Rick Snyder wants to replace the Michigan Business Tax with a flat tax on large businesses. Snyder is expected to talk more about his plans for economic development during his State of the State address tonight.

flickr - user harry_nl

The Michigan Manufacturers Association (MMA) says Michigan is getting it's "butt kicked" when it comes to taxes.

In the Detroit Free Press, the MMA's vice president for government affairs, Mike Johnston, was quoted when talking about personal property taxes on equipment.

From the article:

The U.S. House of Representatives voted to extend Bush-era tax breaks and extend jobless benefits for the long-term unemployed yesterday.  The tax-deal was brokered between President Obama and leaders in the House and Senate.  The President is expected to sign the bill soon.  As The Associated Press reports:

In a remarkable show of bipartisanship, the House gave final approval to the measure just before midnight Thursday, overcoming an attempt by rebellious Democrats who wanted to impose a higher estate tax than the one Obama agreed to. The vote was 277-148.

Republican Congressman Dave Camp of Michigan told USA Today:

Congress made the right decision ... to prevent a job-killing tax hike on Americans and small businesses.

The U.S. Senate had already passed the bill with a 81-19 vote.

GMC SUVs in a car lot
user ep_jhu / Creative Commons

The Center for Automotive Research released a report today that analyzed the government bailouts of General Motors and Chrysler.

$80 billion was given to the auto companies. To date $13.4 billion has been repaid.

Tomorrow the GM "initial public offering" is expected to raise another $22 billion.

The reports authors say that even if the government doesn't get all of the $80 billion back, the government's investment will still have been worth it.

The report concludes:

Timothy Geithner at the White House Correspondents Dinner in 2009
Jay Tamboli / Creative Commons

The Wall Street Journal is reporting that GM's IPO tomorrow could be a biggy:

General Motors Co. said Wednesday that it will increase the size of its initial public offering by about 30% to 478 million shares, which could make it the largest global IPO in history.

Screen grab of New York Times web page
Screen grab from the New York Times

It's easy to criticize. Now you're in charge.

The New York Times has created a slick little interactive tool that displays different solutions to the country's projected budget deficits.

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