Senate passes Snyder's tax reform package

[Faygo Kid]

Source: Detroit News

Lansing—Gov. Rick Snyder's massive tax reform package has passed in the Senate, where Democrats had unsuccessfully proposed 15 amendments to soften its effects.

The main bill in the package passed 20-19, with Lt. Gov. Brian Calley casting the tie-breaking vote. Remaining bills are still being voted on.

The tax reform bill decided by Calley eliminates the Michigan Business Tax and replaces it with a flat 6 percent corporate tax to be paid only by companies with shareholders, resulting in a nearly $2 billion tax break for Michigan businesses. The bill assesses a new tax on pensions and eliminates most individual tax credits, including the child exemption. The earned income tax credit for the working poor will be cut by more than half.

The House is expected to vote on, and pass, the Senate's version of the legislation later this afternoon. The legislation will then head to Snyder's desk for him to sign into law. . .

Read more: http://www.detnews.com/article/20110512/POLITICS02/105120446/Senate-passes-Snyder’s-tax-reform-package

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Swell. Still waiting for those "shared sacrifice" proposals from the GOP; this one exacts sacrifices, all right, from seniors, the poor and the middle class. As usual.