LANSING, Mich. – The Michigan State Capitol is awash in money, both federal and tax revenue. The take so far in Michigan tax revenue alone has blown by what was estimated, conservatively $2.8 billion.
Now there are dueling proposals about how to get it back to you.
Michigan Governor Gretchen Whitmer announced on Twitter what she calls MITax Rebate.
“I’m excited to propose what’s called MITax Rebate right now, a plan to use our additional revenue to send working families $500 relief right now,” Whitmer said.
Details on who and how the checks would roll out haven’t been disclosed yet. It was well-received by Whitmer’s fellow democrats.
“We’re looking at immediate relief, and I think this is the best way to get us here,” said Rep. Joe Tate, D-Detroit.
At the same time, the GOP-led legislature has passed a 2.6 billion dollar tax cut plan. That starts with reducing Michigan’s income tax from 4.25% to 4.00% plus a lot more.
“Annually, every family will see a $500 increase in child credit in their taxes,” said Rep. Mark Tisdel, R-Rochester.
Plus, an increase in the EITC (earned income tax credit) increases the senior tax exemption and increases the personal income tax deduction to $6700.