Governor Snyder: We've had a huge restructuring on the tax front at the state level.
The restructuring of the Michigan tax system, led by Governor Synder, means the end of the Michigan Business Tax, but leaves many critics questioning the tax on pensions, cuts to education, and the end of many charitable and industry tax credits and incentives.
Greece's Kathimerini newspaper reports that among the measures to be adopted this month are a further reduction of pensions, an increase of the farmers' tax rate from 13 to 20percentt, a restructuring of the income tax and a reduction of defense expenditures by 100 million euros (the equivalent of $111 million) by the end of this year. .
"I think the combination of the escalating gaps and the risks associated with achieving a major component of the plan on the revenue side -- the restructuring of the income tax -- were the most important factors" in issuing the warning, Ms. Prunty said in an interview.
The Post did not address this statement about radical restructuring of the U.S. tax code on its news pages, though Mike Littwin included it in a column (2/19/2010).
Instead, Riley proposed a wholesale restructuring of the state's tax system: reducing taxes on the poor and middle class while raising them on corporations and the rich and increasing overall tax receipts enough to pay for a big increase in education spending.
The tax increase would be Mr. McGreevey's second major change in the state's tax system; in 2002, he won a restructuring of the corporate business tax that raised about $2 billion for his $23.4 billion budget.
added that he would be willing to consider additional tax cuts, but only in the context of "restructuring those parts of the tax cut that have not taken effect"– that is, those scheduled for after Bush's first term.
