Mich. House GOP plan: Cut income tax, expand exemption for seniors
LANSING, Mich. (AP) — House Republicans have begun passing legislation that would cut Michigan’s income tax, provide tax breaks for more retirees and help local governments reduce their pension debt.
One bill would cut the 4.25% income tax rate to 3.9%. It would lower the age at which filers can deduct up to $20,000 individually or $40,000 jointly from 67 to 62.
Another measure would spend $1.5 billion in surplus revenue to shore up pension systems.
Two Republican-led House committees unveiled and approved the bills at a joint meeting. The tax cuts are broader than ones proposed by Democratic Gov. Gretchen Whitmer.