Detroit Renaissance’s 2008 benchmarking study shows that Michigan falls short of benchmark states for both manufacturing and knowledge jobs. The number one reason for this is the high cost of doing business in Michigan.
While taxes are not the only cost factor that needs to be addressed to make Michigan more competitive, it is an important one.
Detroit Renaissance has established the following principles for addressing state tax reform:
- Engage in an effort to outline a competitive tax policy framework for Michigan
- Set an objective of becoming one of the top ten states for lowest tax burden on business
- Seek to both reduce costs and provide a more stable/predictable tax environment for business
Detroit Renaissance’s goal is to outline the framework of a more competitive tax system and a path to get there. Recommendations are expected in 2009.