November 9, 2009
Replacement for Michigan Business Tax would level playing field
LAPEER - Lt. Governor John D. Cherry, Jr. today called for a change in the Michigan Business Tax (MBT) to a profits-based system, which he called a common sense, equitable tax that will level the playing field and make Michigan business tax competitive with that levied in other states. The lieutenant governor made his remarks during a speech before the Lapeer Economic Club.
"Businesses in Michigan are suffering and we need a common sense approach to the state's tax system," said Cherry. "I don't think it's fair that businesses are seeing their tax liability increase while they are losing money in what is undeniably the worst economic conditions we've experienced in more than 40 years."
Cherry believes that business taxes, like personal taxes, should be based on the ability to pay.
"In order to see our economy rebound, Michigan has to attract business investment," said Cherry. "Having a simple and predictable business tax similar to other states will be the necessary jolt our economy needs.
Partial text of Cherry's speech:
"Embracing change is a difficult thing to do, but it's important, because if you don't embrace change, it means you're ignoring reality.
"What we need is deceptively simple. We need common sense. We need fairness. We need an equitable system. Businesses should be taxed based on what they earn and not based on the whims of politicians in Lansing. And we need to have a reasonable debate on this issue. It's a debate that will require all of us to embrace change."
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