The Michigan House of Representatives has approved a bill to reduce the state's personal income tax rate from 4.25% to 4.05%, potentially saving taxpayers $700 million annually.
The measure, which passed with support from all Republican lawmakers and some Democrats, now moves forward for further consideration. Supporters argue the cut will provide financial relief, while critics claim it disproportionately benefits higher-income residents. Democratic Governor Gretchen Whitmer has previously opposed similar tax cuts, raising questions about the bill's future.
If enacted, the tax reduction would take effect on January 1, 2025.
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@5TFYWM3Libertarian1yr1Y
Any step toward letting people keep more of their own money is a win—now let's talk about cutting spending too.
@ISIDEWITH1yr1Y
House approves cut to Michigan income tax
LANSING — The House voted Tuesday to cut Michigan's individual income tax rate by two-tenths of a percentage point, to 4.05%, moving legislation that is a priority for majority Republicans but which has drawn opposition from Democratic Gov. Gretchen Whitmer in the past.
@ISIDEWITH1yr1Y
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