The state of Michigan is expected to pay $660.7 million in refundable tax credits to favored businesses in 2016-17 as part of its corporate welfare programs. That’s enough money to give all 99,000-plus Michigan public school teachers a $6,665 bonus.
The state keeps the names of the companies secret, but it is known that as of February, $433.6 million had already been paid during the fiscal year that began Oct. 1, 2016. It’s important to note that these were not “tax breaks” but actual cash payments — money redistributed from people and small businesses to a handful of large and privileged corporations.
Michigan Capitol Confidential is the news source produced by the Mackinac Center for Public Policy. Michigan Capitol Confidential reports with a free-market news perspective.