Hopefully by restructuring the way businesses are taxed, it will allow for more job creation.
Funny how the liberal leaning sites almost always forget to include the other side of the equation, in their articles.
Besides the new tax on businesses, there will also be the elimination of numerous tax exemptions for businesses.
Snyder’s $1.7 billion tax cut, moreover, would be achieved by replacing the Michigan Business Tax with a 6-percent profits tax on corporations.
Snyder and Republicans, who also introduced legislation Wednesday to revamp business regulation in Michigan, say their aim is to create a competitive jobs climate in a state that has shed more than 850,000 jobs in the last decade.
http://www.mlive.com/politics/index.ssf/2011/03/as_capitol_protesters_lock_arm.html
The massive bill would replace the unpopular Michigan Business Tax (MBT) with a flat 6% corporate tax, and would eliminate numerous tax exemptions for businesses and individuals, including income tax exemption for pensions.
http://www.freep.com/article/20110310/NEWS06/110310038/Michigan-Gov-Rick-Snyder-s-new-tax-plan-could-immune-from-voter-repeal