Thanks to Ken Braun at the Mackinac Center for calling attention to this: (www.mackinac.org)
The Treasury Department has put out a publication called an "Appendix on Tax Credits, Deductions, and Exemptions". What it really is, is a listing of things not currently taxed that could be taxed so as to bring more revenue in to the state. In other words, "we want to soak the taxpayers even more, so let's consider these ideas..." Here are some of the things your governor would consider taxing you for and the estimated revenue she would take (from your wallet):
Certain agricultural products - $12.9 million
Brownfield development zones - $29.4 million
Credit for contribution to community foundations - $755 thousand
Exemptions for employers who pay unemployment, social security and workers comp - $155 million
Credit for donating a car to charity - $130 thousand
Deductions for employers paying for health care for employees - $31 million
Credit for donations to homeless shelters, higher ed and historic preservation - $4 million
Credit for expanding your business, hiring new workers - $62 million
Taxing federally exempted non-profits - $109 million
Credit for purchasing anti-pollution equipment - $44 million
Exemption for church construction or cars used by religious organizations - $7.5 million
...I could go on and on, but as you can see, this report, http://www.michigan.gov/documents/ExecBudgAppenFY2007_164822_7.pdf puts EVERYTHING up for consideration as a place to get more tax revenue. Nothing is sacred, not even the sacred.
Tuesday, July 10, 2007
Subscribe to:
Post Comments (Atom)
Posts
2 comments:
Doesn't leave a guy with much faith in the Governor's sincerity when she talks about making spending cuts.
Then again, I didn't have much to begin with after she claims to have cut billions from the state budget but it's gone from $39 billion to $42 billion while she's been in office.
Thanks for what you're doing, Representative!
--Nick
www.RightMichigan.com
Jack,
There's one in there - "taxing federally-exempted non-profits" - I ask this, should non-profits even exist? Often, they compete with for-profits to the detriment of the market at an unfair tax advantage. Of course, they're supposed to report "unrelated" incomes and pay tax on it, but that's an easy thing to work around definitionally. On the other hand, I see the point in encouraging private charity, and an individual state shouldn't unilaterally disarm its own non-profit ability (lest they simply reincorporate elsewhere) by taxing it (hence, it would have to be a national reform).
It's funny how the Governor's office is considering taxing "brownfields", health-care deductions, donations to the homeless shelters, higher edu=, and historic preservation, all programs she claims to support. Which is it? Or does she only support government expansion in those areas?
Post a Comment