Big business spends $7M to keep tax cut intact

By  | 

LANSING, Mich. (AP) -- Big business is taking no chances to make sure voters approve a statewide referendum needed so a gradual $500 million cut in taxes on their machinery and equipment stays intact.
Manufacturers, automakers and others spent nearly $7 million promoting Proposal 1 as of two weeks before Tuesday's primary election.
There's no organized opposition, but the effort reflects concern that voters will reject the ballot measure primarily out of confusion.
Prop 1 asks voters to endorse a complicated funding mechanism designed to ensure local governments and schools are fully reimbursed as taxes are slashed on businesses' machines and furniture. The plan received broad bipartisan support from lawmakers, Gov. Rick Snyder, the business community and groups representing counties, cities and townships.
If the measure is defeated, the tax cuts will be halted.

Comments are posted from viewers like you and do not always reflect the views of this station. powered by Disqus