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  • Commerce & Regulation

    Opinion:

    As many Michiganders, including Governor-elect Rick Snyder, would agree, one of the biggest obstacles facing Michigan businesses is the Michigan Business Tax. Created in 2007, the Michigan Business tax has placed an unnecessary burden on businesses in an already tough economy. Snyder has created a plan that would replace the Michigan business tax, which he calls the “worst business tax in the country”. He has instead proposed a flat-rate tax of 6% on businesses in the state that currently pay the Michigan Business Tax. Even small businesses currently paying an alternative profits tax will receive an exemption. This proposed move is to give a projected 1.5 billion dollar tax break to the businesses of Michigan.

     

    .

     

    In today’s economy, businesses are on their way to a slow recovery. One way to ensure this is to help create a better situation for our businesses. By applying a 6% flat tax rate, I think that all businesses will have a more fair chance of succeeding here in Michigan. When comparing Michigan’s corporate tax rates to those of other states, Michigan ranks 48th. Other states with tax rates near 6% are all in the top ten of corporate tax index ratings. Clearly this is a sign that Michigan’s tax system needs to be reformed. Businesses in this state need easier ways to succeed, not more ways to succumb to bankruptcy.

    Snyder’s plan promises to be a complete change of the government, taxes included. This plan is effective in the way that it guarantees easier taxes for Michigan’s businesses. An overhaul of the tax system could help significantly bring more business to Michigan. If we stay ranked as 48th then it is guaranteed that the economy will be even slower to recover from this recession. If we can make the tax rate more competitive and affordable like other leading states it will help attract other businesses from outside of the state as well as give an incentive for current Michigan businesses to stay.

     

    Source:

    http://www.governorelectricksnyder.com/vision-plan/policy-central/eliminating-michigan-business-tax-mbt

     

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    The Michigan Policy Network is a student-led public education and research program to report and organize news and information about the political process surrounding Michigan state policy issues. It is run out of the Department of Political Science at Michigan State University, with participation by students from the College of Social Science, the College of Communication, and James Madison College. 

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    Policy Fellow: Marie Hallberg

    Marie Hallberg is the commerce & regulation correspondent for the Michigan Policy Network and a first-year student at Michigan State University. Currently, she is a no preference major, but is interested in either a teaching or communications degree. Marie is very excited to be attending MSU and anxious to explore the opportunities that are available to her. Marie is originally from Illinois and enjoys hanging out with her family and friends, reading, and being in band. Her career aspirations include a job focused on serving and working with people, possibly in the guest service area. She is very interested in using her experience on the Michigan Policy Network to help better her understanding of the Michigan government and how its policies ultimately affect the citizens of Michigan.