State Rep. Jack O’Malley is supporting comprehensive tax relief for hard-working people and families across northern Michigan, saying it’s past time to help so many who are struggling in the face of inflation.
House Bill 4568 and Senate Bill 784 slash taxes and establish targeted exemption reforms to help people keep more of what they earn. Following Gov. Gretchen Whitmer’s recent vetoes of tax relief measures proposed by the Legislature, O’Malley once again is pushing for pivotal reforms as people face sudden and difficult financial decisions due to surging costs.
“I hear from many hard-working men and women in our communities about the impacts inflation is having on them and their families,” said O’Malley, of Lake Ann. “Their needs are clear. They want more of their hard-earned money back in their pockets to be able to afford these steep cost increases they are seeing at the supermarket, gas station and pharmacy. This plan will establish a new framework that’s going to allow for that. It’s not a handout. It’s something that’s going to last longer and save people more over time.”
The new plan cuts taxes by $2.5 billion annually by lowering the state income tax rate to 4 percent and allowing single filers to keep an extra $1,800 of what they earn each year tax-free, or $3,600 with joint filers, through increased personal income tax exemptions. The plan also creates a $500 per child tax credit and increases the earned income tax credit to 20 percent from 6 percent.
O’Malley has consistently called for a child tax credit to help those who are trying to raise a family in the face of surging costs.
“The costs for a family of four or more are astronomical right now,” O’Malley said. “I’m committed to pursuing solutions that are going to lower those costs. We need this credit.”
The proposals also look out for seniors and veterans. The standard deduction for people 67 and older would increase to $21,800 for single filers and $43,600 for joint filers. Expanded property tax relief for disabled veterans and their families will allow more people to stay in their homes.
The bulk of the tax plan, contained in House Bill 4568, was approved by the state House and Senate today and now advances to the governor for consideration. The remainder of the plan in Senate Bill 784 was approved by the Senate and is expected to pass the House early next week.
A plan from state Rep. Jack O’Malley establishing a more effective, higher-quality child-care system for Michigan families is headed to Gov. Gretchen Whitmer after receiving final legislative approval today.
Rep. O’Malley talks about the signing into law Thursday of his House Bill 5041, which increases the number of children that an in-home care provider can receive if it meets certain criteria – thereby expanding available spots for families. Rep. O’Malley says the bill, and a number of companion bills, were driven by input from […]
Rep. O’Malley talks about Senate passage Wednesday of his HB 5041, which increases the adult-to-child ratio for in-home child care providers from 1:6 to 1:7. Rep. O’Malley says the plan should help alleviate a serious shortage in child care across Michigan and keep more operators in business. The measure now returns to the House for […]