The funny thing is that falling state taxes are bringing banking to Detroit. The city taxes are high for now but the state taxes have fallen enough for them to justify the move. JP Morgan has opened a regional HQ in Detroit, Quicken loans has transferred some 2000 people to their Detroit HQ, Ernst & Young has their building downtown. There’s also Compuware.
The big guys actually do just fine in Detroit because they can afford it. Its the little guys who can’t afford the high taxes, multiple layers of regulation, and army of inspectors they have to pay.
Insanity
No other word explains the mess.