In this second part of the halftime report for Tax Foundation Forum: Making Sense of Profit Shifting, we discuss the key takeaways from the first half of our series on profit shifting (read part I here). In this post, we...
- Wall Street Journal -- 'How to Skin a Wolverine'
Wall Street Journal -- 'How to Skin a Wolverine'
LANSING, Mich. -- While the national economy has robustly recovered from the recession, Michigan's economy has staggered, resulting in the Wolverine state being tied for the highest unemployment rate in the nation. This should be no surprise considering the Tax Foundation ranks Michigan's business tax the worst in the nation and overall business climate as 36th out of the 50 states.
In response to Michigan's economic woes, Gov. Jennifer Granholm has proposed a "revenue neutral" tax shift, borrowing $2 billion to invest directly into companies, and a budget that increases spending and raises taxes...
History and basic economics teaches us that Gov. Granholm's attempt to tax-spend-and-borrow Michigan to prosperity will fail.
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