Nerdonomics: Gov. Rick Snyder's wide-ranging proposals have made it shockingly evident what's at risk for citizens of this state.
Many services and essential state functions are dangerously at stake here in Michigan.
Truth be told: Businesses will realize more than a HUMONGOUS 80% DECREASE IN TAXES.
Nerdonomics demands, not a reasonable 10 percent cut, not a generous 20 percent or even half 50% cut; nor does it call for a temporary cuts to tide the state over (WWMD-What Would Milliken Do)"but a FULL 82 PERCENT DROP IN BUSINESS TAXES.
Michigan's Business Tax now generates $2.1 billion in revenue to help pay for vital services such as education, help for abused kids, and public safety, etc. as business' share of civic responsibility.
Under NERDONOMICS THAT WILL PLUMMET to $392 MILLIONS IN FY 2013; first full year of the tax changes are in effect. House Fiscal Agency Director Mitch Bean this week used a different base in his accounting to compute an EVEN BIGGER DROP - 86 PERCENT.
THIS WILL OCCUR AT THE EXACT SAME TIME PERSONAL INCOME TAXES WILL CLIMB A WHOPPING 31 PERCENT. That will not be shared equally. In fact those at the high end of the economic ladder (THE VERY WELL OFF, THE ECONOMIC ELITES, MANY OF WHOM WILL HAVE ALSO SEEN THEIR BUSINESSES SKIM UP TO AN 86 % GIVE BACK FROM NERDOMOMICS) will see the biggest TAX REDUCTION WINDFALL as the income tax rate shrinks from 4.35 percent to 4.25 percent.
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