Podcasts & RSS Feeds
Most Active Stories
- No, Chinese investors aren't 'buying up Detroit' – but they do have an eye on the Motor City
- The average Michigan family needs $52,330 a year to 'make ends meet'
- If Arizona's bill to discriminate surprises you, you won't believe what's legal in Michigan
- What all the snow and ice will mean for Great Lakes water levels
- Here are our 10 favorite photos of what your winter looks like
Politics & Government
Fri June 29, 2012
Snyder signs cut in Michigan income tax
Governor Rick Snyder has signed a reduction in the state income tax.
Last year, Gov. Snyder and the Legislature delayed a reduction in the income tax rate to January 1 of 2013. This measure moves it up a little. Now, the rate will drop -- slightly -- to 4.25 percent on October first. There will also be an increase in the personal exemption.
Democrats say the tax relief offered is a pittance – about 50 cents a week – compared to the dozen tax breaks for working poor households, homeowners, and seniors on pensions that were eliminated last year as part of a Republican-led tax overhaul. That did not stop most from voting for the rollback.
Republican leaders say the economy – and, therefore, revenue – has improved enough for the state to afford a tax cut. It also happens to coincide with an election year. The two Republican sponsors of the tax rollback come from competitive districts.