WLKM Radio 95.9 FM
State Rep. Steve Carra and the Michigan House of Representatives voted last week to approve a plan to reduce taxes for working families and expand tax savings for seniors.
The plan, which would provide an estimated $2.5 billion in annual tax relief, is contained in Senate Bill 768.
Carra said the plan will reduce taxes for everyone, whether they’re retired or pursuing their career.
The plan would lower Michigan’s individual income tax rate from 4.25 percent to 3.9 percent. It would also allow parents to receive a child-tax credit of up to $500 per dependent under the age of 19.
In addition to paying a lower rate, seniors 62 years and older would be able to exempt $20,000 of all their income from the state income tax, or $40,000 for couples filing jointly.
Eligibility for this exemption currently begins at age 67.
The bill now advances to the Senate for consideration.
I’m sure a tax cut will resonate well with people but it also means no money for other things……LIKE ROADS. Politicians love to hand out money in an election year but it’s not a freebee. When the legislature comes up with some plans to improve the state’s crumbling infrastructure you can talk tax cut but so far they only seem intent on “protecting election security”, handing out “vote for me” gifts and allowing fake electors to try to overturn the vote of the people of Michigan. So far the only plan they seem to have is to get re-elected.
And still the majority of their tax cuts favor the wealthy. Betsy DeVoss & Cronies need more yachts, houses and power. What a surprise?
That’s $12 for people making under $23,000. $92 for those making $41,000-$70,000. But the top 1% get $4,901. Thanks for the help guys!