Mention the phrase 'stock exchange' to most people and they’ll likely visualize Wall Street, the home of the New York stock exchange, the world’s biggest. However, smaller, regional stock exchanges are nothing new. A proposal to allow local stock exchanges in Michigan was recently filed in the state legislature. The aim is to allow citizens to invest in small, promising Michigan companies that may not qualify for a larger exchange.
Fourteen months ago, Gov. Rick Snyder signed legislation eliminating the state personal property tax levied on business equipment. The move was heralded as welcome change by business owners who said the tax put them at a competitive disadvantage and inhibited job growth. However, local governments are worried about how they will replace the revenue that kept their vital services running. Now, a series of bills introduced this week in the Michigan Senate seeks to preserve that funding.
State Senator Gretchen Whitmer of East Lansing has a plan that she says would make Michigan’s young people the best educated in the world. She says her “Michigan 2020” proposal would send every high school graduate in Michigan on to college without raising taxes.
To fund the initiative, her proposed bill would eliminate at least $1.8 billion in what she labels “special interest kickbacks.” WKAR’s Mark Bashore asked her to cite some examples of the “tax breaks and loopholes” that would pay for the plan.