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Michigan governor Rick Snyder signed into law last week corporate tax credits that would enable companies to forgo paying all state income taxes for up to ten years if a company hires a certain number of workers paying "good" wages.

  • But Crain's Detroit Business points out many questions remain whether the law will actually create middle-class jobs and whether the tax incentives will be efficiently spent.
  • The law requires companies to, on average, pay a wage that is at or above the average wage in the region where the company employs workers. But critics argue this risks giving companies tax credits for hiring they'd do anyway, and also that companies can get the tax breaks by hiring just a few high-paid executives and many low-paid frontline workers.
  • Why it matters: States like Michigan are desperate for policies that result in good-paying jobs, but must remain vigilant that programs aren't easily abused.

Go deeper

Dion Rabouin, author of Markets
22 mins ago - Economy & Business

The digital dollar is now high priority for the Fed

Illustration: Aïda Amer/Axios

The U.S. is starting to get serious about a central-bank-backed digital currency, with recent comments from top officials laying out the strongest support yet.

Driving the news: On Tuesday Fed chair Jerome Powell told Congress that developing a digital dollar is a "high priority project for us," but added that there are "significant technical and policy questions."

Dan Primack, author of Pro Rata
1 hour ago - Economy & Business

Coinbase files to go public

Illustration: Eniola Odetunde/Axios

Cryptocurrency exchange Coinbase on Thursday filed to go public via a $1 billion direct listing.

Why it matters: This comes in the midst of a crypto boom, and the listing may further legitimize the industry.

Trump’s blunt weapon: State GOP leaders

Trump supporters rally near Mar-a-Lago on Feb. 15. Photo: Joe Raedle/Getty Images

President Trump didn't have to punish his critics in Congress — his allies back in the states instantly and eagerly did the dirty work.

Why it matters: Virtually every Republican who supported impeachment was censured back home, or threatened with a primary challenge.