Sep 19, 2016
Michigan corporations are projected to get a tax refund while effectively putting nothing into the state Treasury in 2016.
The tax credits left over from the Democrats plus the lower tax rate gift of 6 percent from the Republicans, adds up to the corporations altogether not only paying nothing into the Treasury but actually getting refunds! Officials are projecting a net loss of 99 million dollars in revenue from the state’s principal business taxes.
Of course, the state made up the loss by strong arming the population. Michigan is expected to collect roughly 9.4 billion dollars in personal income taxes in 2016. Seven billion dollars will come from sales taxes. And then there are gas taxes and registration and other fees. All of these taxes weigh most heavily on ordinary people.
There it is. And it is not just in Michigan. Corporations put nothing in, but are given money from the state Treasury, while working people are taxed even more in every possible way.
Business as usual.