Lowering Income Taxes Won't Help Michigan Long Term
- changemediagroup
- Jan 8, 2015
- 1 min read
An income tax cut would be politically popular, but deeply irresponsible. When you find yourself in a hole, you should stop digging!
The Senate Fiscal Agency is projecting a shortfall of $162.2 million for the fiscal year that ends in September 2015 and an additional shortfall in the next fiscal year. Moreover, as Chad Livengood rightly points out in this Stateside with Cynthia Canty story, one of the driving forces behind those shortfalls is lower than projected income tax collections and uncertainty surrounding future income tax collection projections. In short, the debate surrounding an income tax cut will be one of the most critical issues for Michigan's economic future facing the new legislature.
Listen to Michigan Radio's full story from January 7th, 2014 here.
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