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Wrong Road: Say NO to Damaging Corporate Income Tax Hike

Wrong road, real cost: Proposed Corporate Income Tax hike bad timing, bad policy

What’s happening: Some state lawmakers are proposing a more than 40% increase in Michigan’s Corporate Income Tax (CIT) – from 6% to 8.5% – to pay for road repairs.

Why it matters: This “corporate” tax hike would hit Michigan’s small businesses the hardest.

  • Nearly 9 in 10 businesses paying the CIT are small, local employers.
  • $800 million/year in new taxes would be put on the backs of a small share of Michigan employers. That’s not fair, sustainable or smart.
  • Michigan’s current CIT is already higher than half the country, including key Midwest competitors like Ohio and Indiana. This proposal would jump our Great Lakes State to the 7th highest CIT rate nationwide.
  • The result? Fewer jobs, slower growth and a weakened business climate.
Michigan’s roads are in rough shape and we need fixes – no question. But raising the Corporate Income Tax (CIT) is absolutely the wrong road to take. That approach threatens jobs, small businesses and our state’s economic future.

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