Casino tax hike

creeping panther

creeping panther

Banned
#1
#1
Detroits Mayor, Dave Bing, will propose to raise the casino tax by 3% to just under 24% to help the bankrupt city get more money to spend, to go even deeper in debt.:(

Detroit is going to crash and burn, inevitable, and with the tax increase those fine HL 6D games may just dissapear.

What a sorry city. But I admit to a soft spot for GT and MGM.:cool:

CP
 
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Eye of the Tiger

Eye of the Tiger

Well-Known Member
#2
#2
creeping panther said:
Detroits Mayor, Dave Bing, will propose to raise the casino tax by 3% to just under 33% to help the bankrupt city get more money to spend, to go even deeper in debt.:(

Detroit is going to crash and burn, inevitable, and with the tax increase those fine HL 6D games may just dissapear.

What a sorry city. But I admit to a soft spot for GT and MGM.:cool:

CP
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Tell the whole story not half of it. It's still very deal for them. Here is the part you skipped.

Both would be controversial, as would increasing the casino tax by up to 3 percentage points. State lawmakers would have to sign off on the proposal, but city officials say the casinos could give more.

Gross revenues at Detroit's three casinos are taxed at 19 percent — 8.1 percent for the state and 10.9 percent for Detroit — compared to gaming taxes of 33 percent in Ohio and 15-40 percent in Indiana.

"We're talking about generating $200 million that we need in savings or new revenue. Obviously that's a new revenue," spokesman Dan Lijana said.

"Our rate is not competitive with other states in the area and the casinos have withstood the economic crisis far better than most of the businesses. That's a pretty significant piece."


From The Detroit News: http://www.detroitnews.com/article/20110412/BIZ/104120348/Bing-to-seek-increase-in-casino-tax
 
creeping panther

creeping panther

Banned
#6
#6
Tiger

Eye of the Tiger said:
Tell the whole story not half of it. It's still very deal for them. Here is the part you skipped.

Both would be controversial, as would increasing the casino tax by up to 3 percentage points. State lawmakers would have to sign off on the proposal, but city officials say the casinos could give more.

Gross revenues at Detroit's three casinos are taxed at 19 percent — 8.1 percent for the state and 10.9 percent for Detroit — compared to gaming taxes of 33 percent in Ohio and 15-40 percent in Indiana.

"We're talking about generating $200 million that we need in savings or new revenue. Obviously that's a new revenue," spokesman Dan Lijana said.

"Our rate is not competitive with other states in the area and the casinos have withstood the economic crisis far better than most of the businesses. That's a pretty significant piece."


From The Detroit News: http://www.detroitnews.com/article/20110412/BIZ/104120348/Bing-to-seek-increase-in-casino-tax
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And 17 million a year in fees.

Just great when you justify a tax increase or a price increase because you are lower than the competitors.

Also couple this with the fact that when Engler ok'd the Detroit casinos he broke a pact with the Native casinos and that breaking of that pact allowed them to pay NO state taxes,,,real smart.

CP
 
flyingwind

flyingwind

Well-Known Member
#8
#8
They didn't want to just sell more municipal bonds with high interest rates to generate income? They can always make the bonds callable within 5 to 10 years in case the government finances get better.

Will the casino tax hike go through? Or is it still in discussions and voting stages?
 
creeping panther

creeping panther

Banned
#9
#9
Still

flyingwind said:
They didn't want to just sell more municipal bonds with high interest rates to generate income? They can always make the bonds callable within 5 to 10 years in case the government finances get better.

Will the casino tax hike go through? Or is it still in discussions and voting stages?
Click to expand...
Still voting, now are saying for one year only,,,sure.:rolleyes:
CP
 
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