POLL: Should excess tax revenues be put into Michigan’s “Rainy Day Fund”? If not, what should be done?
Is it still raining in Michigan?
As I have been telling folks for the past year, Republicans have raised the effective tax rates on more than half of all Michiganders in the past year. You’ll notice when you do your state taxes this year; many folks are already facing the reality that, instead of getting a refund like they always have in the past, they now OWE several hundred dollars to the State of Michigan. Get your checkbooks out, folks. SOMEBODY has to pay for nearly $2 billion in tax cuts for corporations and that somebody is YOU.
Meanwhile, as the tax coffers start to overflow a bit, Republicans are eager to sock some of it away into the Budget Stabilization Fund, otherwise known as the “Rainy Day Fund”. During the financial meltdown during the latter half of the Bush administration, Governor Granholm was forced to use that money to keep the state afloat. The fund now has a half billion dollars in it. The question many are asking is if we should put MORE money in it.
What do YOU think? Take our poll after the jump.Read more ›