What's in YOUR wallet? What you might get out of an income tax cut

Big savings?

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.

NEXT: Snyder is a Republican. Why do his experts want to spend more, not less?

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Thu, 06/15/2017 - 8:13pm

We should work to being a non-income tax state. This series of articles on taxes are manipulated to put in peoples minds that we are not taxed enough. Well, the direction we are going with so many people getting free food from the govt and private charities, free breakfast and lunch in schools, subsidized housing and a low labor participation rate. Michigan has ~100,000 jobs available. We are creating Comfortable Poverty, that is what is keeping this state in decline. Let's start with reforming property and income taxes for Seniors, especially those that never had children, so that none of their taxes goes towards schools. Many counties across the country have that provision. Regardless of the tilt on this series, Michigan is not a friendly state for taxes and especially for Seniors. Period.