Wednesday, May 25, 2011

Bottom Line

The Republicans.

Who wouldn't pass $2.50 on car rentals to raise $20 million to fund Pure Michigan last year because, "no new taxes, ever!"

Have now raised taxes on Michigan citizens to the tune of $1.42 billion dollars.

Overall, it amounts to a $220 million net cut in tax revenues to state coffers, but for Michigan businesses, including some 100,000 that no longer will have to pay the repealed Michigan Business Tax, it’s a $1.65 billion cut.

The difference is being made up with $1.42 billion in additional income taxes, which includes applying the tax to pensions and other retirement income.

And people wonder why I'm insane...