Increase of MBT (payroll tax) rate to 1.56, from 1.17.
Eliminate health care deduction for employers, which will put $32 million into state coffers. This will be controversial.
(Watch for gaming volcano -- a real one, not the one at The Mirage.)
Business License Fee will go from $200 to $300 for most employers, $500 for some.
Total is estimated at $60 million above governor's $7.3 billion budget, but remember: There are more than $100 million in holes in that budget thanks to tax credits. (Thanks, Elon.)
Assembly leaders will portray this as needed because had to have vehicle for MBT alternative, but don't mean to compete with the governor. We will see if he sees it that way.
This is a hybrid, but real question on policy (I know, I know) is whether it makes more sense to primarily base a tax on gross receipts (real indicator of economic activity) or payroll (strain on services is argument).
Here's what it will do, sources say:
Increase of MBT (payroll tax) rate to 1.56, from 1.17.
Eliminate health care deduction for employers, which will put $32 million into state coffers. This will be controversial.
(Watch for gaming volcano -- a real one, not the one at The Mirage.)
Business License Fee will go from $200 to $300 for most employers, $500 for some.
Total is estimated at $60 million above governor's $7.3 billion budget, but remember: There are more than $100 million in holes in that budget thanks to tax credits. (Thanks, Elon.)
Assembly leaders will portray this as needed because had to have vehicle for MBT alternative, but don't mean to compete with the governor. We will see if he sees it that way.
This is a hybrid, but real question on policy (I know, I know) is whether it makes more sense to primarily base a tax on gross receipts (real indicator of economic activity) or payroll (strain on services is argument).
Buckle up. Again.
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