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Fri March 18, 2011
Report: How Snyder's tax plan would affect you
Ever since Governor Rick Snyder released his budget plan last month, people have been looking at the details and wondering how they might be affected by the plans.
For people with pensions and the working poor, it's been clear, you would pay more if Snyder's plan is approved. But how much more?
Parents with low-paying jobs would stop getting state income supplements worth as much as $1,000.
High-income retirees with generous pensions would pay thousands of dollars more.
But taxpayers in brackets that cover most Michiganders would see little change in their state income tax bill under Gov. Rick Snyder's sweeping proposals.
The Freep provides some detailed examples of how the tax proposals might affect certain people.
The bottom line from their detailed examples:
Retired couple with pensions and investment income
- Currently pay $70
- Under Snyder's plan would pay $4,063
Low-income single working mother with 2 children
- Current refund $877
- Under Snyder's plan would pay $166
Middle-income single mother with 2 children
- Currently pay $1,871
- Under Snyder's plan would pay $1,866
Average working couple with 3 children
- Currently pay $3,489
- Under Snyder's plan would pay $3,464
Affluent working couple
- Currently pay $8,439
- Under Snyder's plan would pay $8,925