Tuesday, February 26, 2008

The Impact is Only Just Starting to be Felt

Just today, I received the following note from a local auto body shop owner. I am getting notes like this on a weekly basis...


We just received the news from our tax accountant of the estimated amount of MBT (Michigan Business Tax) for 2008 for our organization. For 2007 we paid about $20,000 of SBT (Single Business Tax). The estimate for 2008 is $68,000 an increase of 240%. If you see the governor tell her and the rest of your fellow legislators.

(Name Withheld)

I am not a pessimist, and I am not a "doomsday prophet" but, I am beginning to believe that when it comes to virtual destruction of our employment base in Michigan, we have only seen the tip of the iceberg.


Anonymous said...

Unbelievable...What else can you even say to something like that? Thank God I don't own a business in Michigan. I would be crying in my water (beer would be too expensive).

Anonymous said...

My accountant contacted me at 7:00 AM in the morning she was so upset. We are a very samll business with a SBT in 07 of about $1600. This year? $10,000. That is about a 700% increase. Where will I find that much extra money?