Rep. Bryan Posthumus of Kent County today helped the state House approve a plan to provide much-needed relief for seniors, families, and everyone who pays the Michigan income tax.
“At a time when working families need it most, this plan helps people keep more of their own money in their pockets,” Posthumus said. “I’m passionate about cutting taxes – last year my plan to reduce sales tax on hygiene items was the first tax cut to be signed into law in years. People need more money in their paychecks in the midst of Biden-Witmer inflation and this plan to slash income taxes will deliver that to them.”
Senate Bill 768 provides an estimated $2.5 billion in annual, ongoing tax relief starting with a rollback in the individual income tax rate to 3.9 percent, down from the current 4.25 percent.
Seniors would be in line for additional relief. The income exempted from taxes for those 62 and older would rise to $20,000 for individual filers and $40,000 for joint filers. An additional exemption would be applied specifically to retirement income – also at $20,000 for single filers and $40,000 for joint filers.
The plan also provides additional relief for families through a $500-per-child income tax credit.
Posthumus also voted in favor of House Bill 5054 – providing $1.5 billion in one-time funding from the state’s general fund surplus to reduce debt and improve the finances of public employee retirement systems. Most of the funding would go to pension plans for local governments, law enforcement, and road commissions, with an additional $350 million to improve financing in the Michigan State Police retirement system.
Posthumus said, “Improving the finances of these systems will help local governments continue to provide essential public services now and in the future, without higher tax bills.”
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