As part of his new tax plan, the president has proposed ending the “step-up” in tax basis for inherited assets, and, furthermore, requiring the capital gains tax to be paid at death rather than when an heir later sells...
- 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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