What's in YOUR wallet? What you might get out of an income tax cut
11 things every Michigan taxpayer should know
Michigan legislators almost lowered the state income tax rate from 4.25 percent to 3.9 earlier this year, a move that would have cut about $1.1 billion in revenue a year from the state budget. They then considered a smaller cut, to 4.15 percent, which would remove about $250 million. For someone with $150,000 in state taxable income, the latter cut would save $150 annually.
Figure out how much this income-tax cut could save you: Put in your or your family’s Michigan taxable income to get an idea.
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