Michigan Governor Gretchen Whitmer and Democratic legislative leaders have announced a tax plan that will provide inflation relief checks to all taxpayers in the state.
According to Fox 2 Detroit, Governor Gretchen Whitmer wants to send an amount of $180 ‘inflation relief’ checks to all Michigan taxpayers. Whitmer told reporters at a press conference in Lansing, that the relief check will come out “as soon as possible” according to News Channel.
The “Lowering MI Costs” plan will repeal retirement taxes increased under former Governor Rick Snyder, which will save 500,000 households an average of $1,000 per year. The plan will also increase the Working Families Tax Credit to provide an average annual increase of $3,150 to about 700,000 Michiganders. In addition, the plan will involve sending checks to all taxpayers to ease the effects of inflation.
Whitmer declined to say how large the checks would be. The plan will have to be voted on in the Legislature, where Democrats hold slim majorities in each chamber.
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Governor Whitmer has vetoed Republican bills providing for across-the-board cuts to the income tax rate, as she believes such proposals are not sustainable. She is expected to present her 2024 budget on Wednesday. The state is currently sitting on a record budget surplus of around $9 billion, but much of it is considered one-time money that can’t be used for ongoing programs.
Governor Whitmer did not reveal the plan’s treatment of various retirement income sources and earnings of elderly individuals who are still working.
In conclusion, the tax plan announced by Governor Whitmer and Democratic legislative leaders aims to provide assistance to all taxpayers in the state of Michigan through inflation relief checks, among other measures. The plan is expected to receive bipartisan support and is aimed at lowering costs and putting more money back into people’s pockets. The specific details of the plan will be made available on Monday, and it will have to be voted on in the Legislature.
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