Possible Agreement in Principle?
May 30, 2007May 30, 2007. Lawmakers are trying to reach a consensus today on what the framework for the replacement tax should be so that it can be presented at the Detroit Regional Chamber Conference on Mackinac Island. Preliminary indications are that the plan will be a combination of an income and gross receipts tax. The net worth tax proposed by the House Democrats would be scrapped. The plan would be revenue neutral. Of course, the devil is always in the details and, until the tax plan is in writing, any agreement is only worth the paper it is written on.