Paul Egan Detroit Free Press Published 10:11 p.m. UTC Jun 5, 2018 LANSING – It could be Michigan’s next big corporate tax cut. And the latest blow to funding for local governments. A bill reported out of a Senate committee Tuesday would exempt Michigan utilities from personal property taxes on their transmission lines and pipelines — a change the Senate Fiscal Agency estimates could cost local governments $576.3 million annually within 10 years. The bill's sponsor, Sen. John Proos, R-St. Joseph, says it would help protect Michigan electricity customers from higher rates as Consumers Energy and DTE spend hundreds of millions of dollars to upgrade their infrastructure and improve reliability. Local governments — already struggling to stay afloat because of reduced state revenue sharing over time and property tax revenues that haven't recovered from real estate values that plunged during the last recession — say the bill as written … [Read more...] about The next big corporate tax cut? Senate panel OKs big break for utilities
Corporate tax cut
Rod Mcguirk, Associated Press Updated 12:27 am, Monday, May 28, 2018 Photo: Mick Tsikas, AP Image 1of/1 CaptionClose Image 1 of 1 Australian Finance Minister Mathias Cormann speaks during a press conference at Parliament House in Canberra, Monday, May 28, 2018. The Australian government announced Monday that the Senate will vote in June on cutting corporate tax rates after an opinion poll suggested the contentious reform had popular public support. Cormann, the government's chief negotiator in the Senate, said that senators will be asked to vote on the tax cuts when they next sit from June 18 to 28. (Mick Tsikas/AAP Images via AP) less Australian Finance Minister Mathias Cormann speaks during a press conference at Parliament House in Canberra, Monday, May 28, 2018. The Australian government announced Monday that the Senate will vote in June ... more … [Read more...] about Australian Senate to vote in June on corporate tax cuts
While most of Missouri was properly focused on the scandals surrounding Gov. Eric Greitens this year, the state legislature quietly continued its assault on workers and wage earners in favor of corporate interests.You may have heard, for example, that lawmakers voted to cut individual income tax rates in Missouri. Less noticed was a bill slashing the corporate tax rate from 6.25 percent to 4 percent.Supporters insist the corporate tax cuts will bring jobs and businesses to Missouri. There is no evidence that will be the case. Instead, businesses are likely to put the extra cash in the pockets of owners and investors, while needed state programs run short of funds.The damage will become evident when the tax cut takes effect in 2020. But voters should be clear: The reduction is just one part of an effort to sublimate the interests of workers to corporations:▪ Legislators dismantled much of the merit system, which is designed to protect state employees from improper political … [Read more...] about EDITORIAL: Missouri lawmakers gave corporations tax cuts and more. But what about workers?
Democracy Dies in Darkness Sections Home Try 1 month for $1 Username Sign In Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Subscribe Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Accessibility for screenreader Wonkblog by Jeff Stein by Jeff Stein Email the author May 2 at 3:29 PM Email the author Florida Sen. Marco Rubio praised the Republican tax cuts but said they could have been done better. (Wilfredo Lee/AP) Sen. Marco Rubio (R-Fla.) on Wednesday launched a fresh attack on Republicans' corporate tax cuts, but this time, he couched the criticisms in broader praise of the GOP tax law overall. Writing in the conservative National Review, Rubio reiterated his skepticism that the corporate tax cuts alone would deliver large-scale benefits to workers — building out his comments from last week … [Read more...] about Rubio again criticizes corporate tax cuts, but this time with a GOP-friendly twist
With public companies on track to shower a record $1 trillion on investors through dividend increases and share buybacks, Sen. Marco Rubio's recent suggestion that workers weren't getting much benefit from corporate tax cuts may sound truer than ever. "There is still a lot of thinking on the right that if big corporations are happy, they're going to take the money they're saving and reinvest it in American workers," the Florida Republican told the Economist last week. "In fact they bought back shares, a few gave out bonuses; there's no evidence whatsoever that they money's been massively poured back into the American worker." While a White House tally in February had at least 275 companies increasing worker compensation, and Americans for Tax Reform, a conservative group, pegs at 4 million the number of workers that have gotten bonuses or increased pay, Wall Street analysts who track corporate cash flows tell a different story. The GOP tax law drastically cut … [Read more...] about Guess where the corporate tax cut money is flowing