Bankruptcy

Detroit was not “saved” by bankruptcy. In a right wing takeover, it was looted by banks and billionaires who stripped Detroiters of their rights. This film exposes the truth about the Detroit bankruptcy and the people involved. Detroit citizens and pensioners were abandoned by the justice system and local & state government and left to fight on their own. Hear from the
citizens and pensioners of Detroit how billions were stolen from them.

Film length – 57 minutes

RESOURCES ABOUT THE DETROIT BANKRUPTCY

BANKRUPTCY: PENSIONS

BANKRUPTCY: BONDS/BANKS

 

  • $732 million dollars was diverted from Detroit’s revenue sharing according to the Michigan Municipal League.
  • What is revenue sharing? “State revenue sharing is the process by which a portion of certain tax revenues imposed and collected by the State of Michigan are distributed to local units of government, including municipalities, as provided by State law. Currently, the State shares a portion of sales tax revenue with local governments.” (EXHIBIT 3 CITY OF DETROIT MAJOR REVENUES FOR FISCAL YEAR 2007-2008 THROUGH FISCAL YEAR 2012-2013)

BANKRUPTCY: DETROIT TAX SYSTEM

  • Detroit’s citizens are taxed more highly than in any other city of 50,000 or more in the state.
  • Detroit taxes people who work here but do not live here, but often does not collect those taxes.
  •  Here is an article about how big corporations may owe taxes. Surprise that when they were interviewed they said no. LOL. Of course.
  • The city took a $68 million loss in revenue sharing from 2010-2011 to 2011-2012.
  • Why should there be revenue sharing? Here is an interesting perspective from the Roosevelt Institute.