The Full Retirement Age Is Increasing Full retirement age (also called normal retirement age) had been 65 for many years. However, beginning with people born in 1938 or later, that age gradually increases until it reaches 67 for people born after 1959.
Franchise Tax. Franchise taxes are fees that companies must pay for the privilege of doing business in a particular state or city. (Despite the name, they don't apply just to franchises.) Franchise taxes are not based on profit, meaning that even companies that lose money or only break even must pay them.
The rate is 0.26 percent of the business's annual receipts over $1 million. Businesses with receipts of $1 million or less pay a flat fee of $150 and business with receipts of $150,000 or less owe no tax at all. The rate can be adjusted based on tax collections. The Ohio CAT replaced the state's corporate franchise tax. In contrast, the recently enacted Michigan GRT is a modified GRT imposed at a rate of 0.8 percent of gross receipts less purchases from other firms.