Michigan Gas Tax Gone, Bonds Coming
No one wanted anything to do with Governor Whitmer’s 173% State gas tax increase not even the Governor’s own party.
Democrats in the state House even declared her 45-cent tax hike (173% increase) too extreme, and they withheld their support of her signature campaign promise.
Now the Detroit News is reporting that Governor Whitmer is looking at asking the citizens of Michigan to borrow $60 billion over 20 years. That would be $3 billion per year via general obligation bonds. Those bonds would cost us a minimum of $300 million a year in interest alone.
General obligation bonds require approval by the voters as opposed to revenue bonds as she proposed during her campaign. Revenue bonds would have required the legislature to fund it with a specific source of funding/dollars and during an election year legislators would not be so keen for that.
There is rumor that she will be rolling out this new infrastructure funding plan at her State of the State address on Wednesday January 29th.
Will you vote to throw $60 billion plus on your children’s back?