LANSING -- House Republicans are planning to vote this Wednesday on a business tax plan that would cut levies by more than $1 billion over five years.
We need a jumpstart to our economy here. We're still in a recession.
The House plan would:
• Provide tax credits of 20 percent for manufacturers on existing capital and up to 50 percent for new equipment.
• Cut the single business tax rate from 1.9 percent to 1.7 percent and then set up triggers for future cuts as state revenue picks up.
• Eliminate the business tax on health care.
• Increase the number of businesses eligible for small business tax relief.
Not a bad start, but I'd rather see the single business tax ELIMINATED, as well as the business tax on health care. The people who enacted that law much have been on meth at the time.
Needless to say, Granholm opposes this.
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Personally, I think the Republican plan doesn't go far enough. If you've seen my other posts, you know I'm from the "Mark Sanford" wing of the party. I have a libertarian streak in me when it comes to domestic economic issues.
As for Granholm's plan, unless it has changes, it's picked winners and losers by cutting one tax(manufacturing), and raising another on services (a growth industry here).
That's not good enough. The system is broke here, and while we're losing jobs overseas due to inept trade policies (both parties to blame there), we're also losing jobs to Mississippi and Alabama due to overregulations and high taxes.
That needs to change. If Granholm can enact a good place for a change, I'll be the first to praise it. After tax and fee increases and gimmicks the last three years by Granholm and the previous Legislature (02-03), I'm not expecting much.
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