State House Democrats and the governor have introduced a new tax plan on Michigan businesses. The current single business tax (SBT) has been a thorn in the side of Michigan businesses for years, and thanks to a voter initiative last year it will be eliminated in December.
Now the talk among politicos has become how to "replace" it. Let's see, economists and pundits call it a 'jobs killer', businesses hate it, voters destroyed it, and politicians want to replace it? Imagine having cancer cells removed and the doctor saying, "now, we just need to find some other kind of cancer cells to replace these with".
The new Michigan business tax (MBT) plan would take just as much money as the SBT from Michigan businesses. The speaker of the House said of the plan in MIRS news:
"Difficult times require bold solutions, not nibbling around the edges or half-measures."
Did I miss something? 'Replacing' every dime of the SBT with the MBT is bold? Replacing an "S" with an "M" is bold? Michigan's economy is still struggling. We're losing jobs, population, income, and real estate value every day and the "bold" solution from Lansing is more of the same with a different name?
---------
Here's a few suggestions on how to 'replace' the SBT with...nothing.