Michigan high court clears way for vote on tax restrictions
(Reuters) - The Michigan Supreme Court on Wednesday ordered the placement of a proposed constitutional amendment restricting state taxes on the Nov. 6 ballot.
If approved by voters in the general election, the measure will require a two-thirds vote in each chamber of the Michigan Legislature or statewide voter approval for a new tax, a tax increase or to expand the tax base.
The tax restriction could increase credit rating agency scrutiny of Michigan.
"These kinds of revenue constraints have been implemented elsewhere, and we view them as obvious limits to a state's financial flexibility that can present operating challenges and can have negative credit implications," said Ted Hampton, an analyst at Moody's Investors Service, which rates Michigan Aa2 with a stable outlook.
http://in.reuters.com/article/2012/09/05/michigan-ballot-court-idINL2E8K5FNP20120905
I bet that it'll fail overwhelmingly with probably 55-60~% opposed.
I'm also glad the reich-wingers wasted their time and money on this.
