ClydeR
03-04-2011, 11:17 AM
Even though Snyder is a Republican, I oppose his plan to put a tax on IRAs. Raising taxes is wrong.
Michigan has a whopping $1.5 billion budget deficit. That's huge. The best way to wipe it out would be to eliminate unions for state employees, but that will never happen in Michigan. What else could the state cut to save $1.5 billion?
LANSING -- Gov. Rick Snyder would eliminate Michigan's generous income tax exemptions for retiree pensions and IRA withdrawals as part of his budget plan Thursday, a move that would generate nearly $1 billion in additional revenue.
The move would largely offset a $1.5-billion tax cut for businesses, according to a source familiar with the plan, but it will face strong opposition, including from Republican legislators who say it's a tax increase.
Snyder must erase a projected $1.5-billion budget deficit in the fiscal year that begins in October.
More... (http://www.freep.com/article/20110216/NEWS06/102160436/1019/business06/Gov-Rick-Snyder-hits-hot-point-pension-tax-plan?odyssey=nav|head)
Michigan has a whopping $1.5 billion budget deficit. That's huge. The best way to wipe it out would be to eliminate unions for state employees, but that will never happen in Michigan. What else could the state cut to save $1.5 billion?
LANSING -- Gov. Rick Snyder would eliminate Michigan's generous income tax exemptions for retiree pensions and IRA withdrawals as part of his budget plan Thursday, a move that would generate nearly $1 billion in additional revenue.
The move would largely offset a $1.5-billion tax cut for businesses, according to a source familiar with the plan, but it will face strong opposition, including from Republican legislators who say it's a tax increase.
Snyder must erase a projected $1.5-billion budget deficit in the fiscal year that begins in October.
More... (http://www.freep.com/article/20110216/NEWS06/102160436/1019/business06/Gov-Rick-Snyder-hits-hot-point-pension-tax-plan?odyssey=nav|head)