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tax reform

steve carmody / Michigan Radio/NPR

State House lawmakers are considering a package of bills that would change how a program originally created to help Michiganders go to college can be expanded for other educational needs.   

People currently use the Michigan Education Savings Program to contribute money to tax-free accounts to pay for college. The revised federal tax law opened the door to expand tax-free college savings accounts to allow for people to pay for elementary and high school expenses. 

michigan state capitol
Lester Graham / Michigan Radio

The new federal tax bill could mean lower federal taxes, but Governor Snyder and some economists say that it could lead to higher state income taxes.

That’s stirring up fresh talk in Lansing about cutting Michigan’s personal income tax to cushion the effects of the federal tax reform.

ALAN CLEAVER / FLICKR - HTTP://J.MP/1SPGCLO

The U.S. House and Senate have cobbled together their $1.46 trillion tax overhaul. 

Now they're trying to convince the public this plan is going to help them. Polls have found that fewer than 35% of Americans approve of the overhaul.

Charley Ballard, a Michigan State University economics professor, joined Stateside today to share an economist's take on the tax bill.

eandersk / FLICKR - HTTP://J.MP/1SPGCL0

A small Michigan college took center stage on the Senate floor for a hot moment in the debate that led up to the passing of the Senate GOP plan to revamp America's tax code.

Democrats zeroed in on an amendment that would have handed a special tax break to conservative Hillsdale College, which does not accept any federal funds.

D Borz / FLICKR - HTTP://J.MP/1SPGCL0

Congress is now considering two different tax reform bills, with pressure from the president to get a final version on his desk before year's end.

Universities and colleges are worried that both the House and Senate tax plans could threaten higher education. Of special concern: a proposed 1.4-percent excise tax on wealthy private college endowments.

Steve Carmody / Michigan Radio

Congress is working on tax reform. Earlier this week, we heard about the effort from Republican member of Congress Fred Upton. Today, Stateside talked with Democratic Congressman Dan Kildee.

REPUBLICAN CONFERENCE / FLICKR - HTTP://J.MP/1SPGCL0

House Republicans are positioning their sweeping tax bill for a planned floor vote next week. 

mike pence
whitehouse.gov

Vice President Mike Pence will try to rally support in Michigan tomorrow for the new Republican tax reform plan. He’ll speak Thursday afternoon at American Axle Manufacturing in Auburn Hills.

The plan unveiled this week almost doubles the standard deduction for married taxpayers filing jointly to $24,000. Individual filers will see their standard deduction increase to $12,000.

dictionary turned to the word tax
Alan Cleaver / FLICKR - HTTP://J.MP/1SPGCLO

President Trump's tax speech in Missouri Wednesday gave him a chance to throw down the gauntlet to Congress:

Congressman Paul Mitchell, a Republican from Michigan's 10th district, wrote an op-ed piece in the Detroit News this week spelling out his thoughts on why tax reform matters.

One of Mitchell's main arguments for reform is the benefit of simplicity — that the House Republican tax reform plan will make the system, and filing taxes, simpler. 

General Motors

A bill to give a tax break to companies that contract manufacturing work for other companies is being introduced in the U.S. Senate. 

U.S. Senator Debbie Stabenow says Section 199 of the tax code is one of the largest tax incentives available to boost domestic manufacturing.  It gives manufacturing activities a 9% tax deduction. 

But the law is unclear whether a company that manufacturers something for another company should also get the deduction.  A bill co-sponsored by Stabenow and Ohio Republican Senator Rob Portman makes it clear that it should.