LANSING, Mich. — Sen. Ruth Johnson on Tuesday voted for legislation to cut taxes by $2.5 billion on Michigan families, seniors and job providers.
“When government has more money than it needs, it should always look to put that money back into the pockets of taxpayers,” said Johnson, R-Holly. “The Senate’s broad-based tax cut plan will give relief to families, small businesses, and our seniors who are often on fixed incomes — all of whom are struggling with rising costs due to out-of-control inflation caused by the Biden Administration’s policies.”
Senate Bill 768 would reduce the state’s personal income tax from 4.25% to 3.9%, create a $500 per child tax credit, increase the tax exemption on all retirement income to $30,000 for individuals and $60,000 for couples, and reduce corporate income tax rates from 6% to 3.9%.
After passing the Senate, the bill now heads to the House of Representatives for consideration.