Higher individual taxes could slow Mich. recovery

By: Associated Press Email
By: Associated Press Email

Michigan may be lucky to see much of an economic boost from new tax laws that take effect in 2012.

That's according to a report evaluating the changes put into place earlier this year by Republican Gov. Rick Snyder and the GOP-controlled House and Senate.

The nonpartisan Citizens Research Council says it expects a business tax cut will have a positive effect on business investment and Michigan's reputation in the business community.

But it sees potential pitfalls as individuals pick up the tab for higher income tax payments, since that could reduce their ability to spend in ways that would spur the economy.

It says that the overall effect on growth of the tax changes "is likely to be small."

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