Gov. Snyder's 'Plot' for Pension Tax

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A demonstrator at the state Capitol says the purpose of Gov. Rick Snyder's proposal to tax pension income is to open factories in Mexico and China.

Michigan is one of just three states that exempt pension income from the state income tax. The governor's tax proposal would eliminate this exemption and tax pension income the same as other income. The plan would also reduce the state personal income tax for all taxpayers, eliminate the Michigan business tax and replace it with a new, smaller business tax.

Read the "Good, Bad and Ugly of Gov. Snyder's Budget."