You Can't Tax Your Way to Prosperity
"With the recent announcement of Comerica's relocation to Texas, the hemorrhaging of Michigan businesses continues. Astonishingly, instead of taking bold steps to make Michigan more competitive and attract investment, Gov. Jennifer Granholm's plan to end the mass exodus of employers is to raise taxes on them. Michigan is indeed in a debilitating economic crisis, but no state has ever taxed its way into prosperity."
From a commentary in yesterday's Detroit News titled "Michigan can't tax its way to prosperity," by Jonathan Williams, a Michigan native and economist at the Tax Foundation in Washington, D.C.
Michigan currently ranks #51 for state unemployment rates, at 6.9% in January, a full 1/2 percentage point above #50 (S. Carolina and Alaska are tied at 6.4%).