Facing thirty years of failure to bring prosperity to the average American, Republicans are tripling down on trickle down economics. Michigan Governor Rick Snyder is handing out tax breaks to corporations, slashing them by 86%, while increasing income tax for low to middle income workers by as much as 31%.
Snyder's now taxing pensions, he's throwing out the state earned income tax credit for low wage earners, and he's throwing out tax credit for retirees.
As usual, this is going to hit low to middle wage earners the hardest.
Business taxes would be cut by 86 percent
from an estimated $2.1 billion in FY 2011 to
$292.7 million in FY 2013, the first full year of
the proposed tax changes.[snip]
Taxes on individuals from the state income tax
would rise by $1.7 billion or nearly 31 percent,
from an estimated $5.75 billion in FY 2011 to
$7.5 billion in FY 2013, the first full year of
the tax changes.