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    Who are the NERD fund donors Mr Snyder?

    Raise the curtain.

    Michigan Math

    By Dewey from Detroit, Section News
    Posted on Wed Jul 22, 2009 at 11:08:18 AM EST
    Tags: Michigan Economic Development Corp (all tags)

    Technically, it's not just Michigan math but government math in general. You know, that new kind of math performed with exacting standards and logic that creates amazing results every time.

    Here's just one teeny-weenie example.

    Technically, it's  not just Michigan math but government math in general. You know, that new kind of math performed with  exacting  standards and logic that creates amazing results every time?


    Here's just one teeny-weenie example.


    The Michigan Economic Development Corp. (MEDC) handed out tax credits today to 8 companies, ostensibly to create new jobs in the state. MEDC simultaneously announced that they've already allocated the maximum credits authorized by their legislative mandate. Unless the  state Legislature increases the cap on the amount of tax credits they can grant, they're out of business for the rest of the year.


    The intent of the tax credits, of course, is to create jobs in economically strapped Michigan. How can that be bad? Let's give them more to spend, right? Kind of like printing our own money.


    Well, not so fast. One of the beneficiaries in today's round of tax payer lotto was Quicken Finance. Quicken was originally going to build a new office headquarters in downtown Detroit, but now says that due to the economy and commercial real estate vacancies in the downtown area, they think it will be better to rent - at least for now. They told MEDC that they still plan on building their own headquarters, probably sometime around the middle of 2013. For now, they'll be renting 4 floors in the Compuware Building downtown.


    In return for relocating in Detroit - and planning to build something,  somewhere, some time - they'll get a 12 year tax credit of around $29 million granted by the MEDC. They'll also get an $18 million tax credit granted by the Michigan Economic Growth Authority to help them complete their current relocation project. In addition the City of Detroit will  throw in parking concessions and additional tax abatements.


    So is Quicken moving from Toronto? New York? Ohio, maybe? No, they're moving from...Livonia. Michigan. Let's see: net new jobs for Michigan?


    I don't know. You do the math.


    I don't think I have a problem with the MEDC being "out of business" for the rest of the year. I'm not sure how many new jobs we can afford to create.

    < Capitalism in Primary Colors | FREEP shills for MDP and I scream "Ficus!" >

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    Michigan Math (none / 0) (#1)
    by Bruce on Wed Jul 22, 2009 at 04:31:03 PM EST
    Wow!  That's even better than saying we are having budget reductions when budgets go from a 5% increase to a 3% increase.

    Something for nothing is always better than something for a little less.

    Michigan Math (none / 0) (#2)
    by wctaxpayer on Thu Jul 23, 2009 at 01:17:36 AM EST
    This is not the new math your talking about. It is the same old math. It must be the fault of the public school system. Seems like hardly anyone can make the correct change any more.
    Rose Bogaert, Chair Wayne County Taxpayers Association, Inc.
    MEDC = Press releases (none / 0) (#3)
    by Clydes Dale on Thu Jul 23, 2009 at 10:24:44 AM EST
    Imagine if Michigan just cut taxes and streamlined  regulatory offices . . .

    Imagine if Michigan was the LOW TAX leader in the MidWest or even the US - Think companies would flock to our state???? Think Hiring would go through the roof?  Real estate would regain a foot hold.  Tax base would come back.

    HOW . . .

    1- Right to Work asap.
    2- 0% State taxes for all companies under 10 employees. Ramped up from there. (that is well over 50% the state's firms and employees)
    3- All regulatory hurdles given a 60 day time allotment Max (No more 7 year approval timelines for a 1 year project.)
    4- Export tax credits (Michigan becomes the State of Choice for all US Exporters - think Delaware for credit card companies etc)

    There is a way out of this. . .

    • Clyde . . . by Kevin Rex Heine, 07/23/2009 11:47:16 AM EST (none / 0)
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