In another recent press stunt, Trump announced a tax overhaul that would benefit farmers and rural Americans at a meeting of the American Farm Bureau Federation. The talk of deepening tax cuts enticed Senate and House Republicans, and even a few Democrats, enough to take their bills to the floor for state approval.
Currently in Michigan, there are proposals to hike the personal exemption for state income tax returns to approximately $5,000 in roughly 5 years. An additional dependent care tax credit bill has been proposed for cost of care for children 12 or young and senior and/or disabled adults, with the percentage of costs based on claim and the tax filer’s income.
So what does all this mean for the average Michigander? Perhaps that a few years ensures greater tax returns. But it also may lead to a stronger possibility that the work requested year after year, to invest into what our communities need (proper educational institutions, infrastructures vetted for the betterment of families and seniors), will still not occur.
Senate Minority Leader Jim Ananich says, “Michigan families need a break.” However, they also need their needs met. Where do you stand in this debate? Higher state tax cuts or better use of our hardworking taxpayer dollars? Read the full article here.