Detroit needs to be deemed a Special Economic Zone, and the Feds and the state need to gut the bureaucratic and regulatory mess built up over the years of back-scratching. The first thing to go: the city income tax. Not only is it the highest in the nation, its just plain ludicrous to have high taxes in a broke and broken down economy. Lower taxes mean higher revenues. If parking tickets were $5 instead of $35, a lot more people would pay them. If the water rates were lower, a lot more people would pay them. The same goes for tax rates. As long as it is cheaper to hire an accountant and attorney to mitigate the tax burden, people will continue to do so. When rates are low enough that it doesnt make economic sense to bother trying to get around them, all that revenue will go to the government instead of the Cayman Islands.
Posted on: Mon, 14 Jul 2014 14:57:01 +0000
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