Governor Snyder's Plan to Jumpstart Michigan's Economy
Governor Snyder recently rolled out his proposed budget before the joint Senate and House Appropriations, Finance and Tax Policy Committee. In the midst of a 1.7 billion dollar shortfall, Governor Snyder's plan to jumpstart Michigan's economy, and attract businesses to the state include, in part the following:
- Creation of more jobs
- Restructuring the tax and budget systems.
- Elimination of all tax credits.
- Elimination of the Michigan Business Tax and replace with a 6 percent flat corporate tax.
- Implementation of a two-year budget process.
- Reduction of the personal income tax from 4.35 percent to 4.25 percent.
- Taxing of private pensions.
- 15 percent reduction in funding for all state universities.
- Incorporation of flat funding for community colleges.
For a detailed account of the Governor's proposed budget plan, please click here.