State Spending Up Nearly $10 Billion Over Five Years; Whitmer Expected To Veto Income Tax Cut
Gov. Gretchen Whitmer is expected to veto a bill that would reduce Michigan's income tax rate from the current 4.25% to 3.9%, grant a $500 tax credit for dependents, and increase exemptions on some retirement income, which fiscal analysts project will save taxpayers $2.5 billion annually.
Whitmer said, "In its current form, this bill is fiscally irresponsible, unsustainable, and could increase costs for Michigan families at a time when they can least afford it."
Michigan Capitol Confidential is the news source produced by the Mackinac Center for Public Policy. Michigan Capitol Confidential reports with a free-market news perspective.