State Rep. Greg Markkanen is supporting comprehensive tax relief for hard-working people and families across the U.P.
House Bill 4568 and Senate Bill 784 slash taxes and establish targeted exemption reforms to help people keep more of what they earn. The plan is yet another opportunity to put more money back in people’s pockets as personal budgets buckle under unrelenting, record-high inflation. Gov. Gretchen Whitmer has vetoed recent attempts to provide people with tax relief.
“Whether it’s at the corner market or the gas station, these cost increases are not sustainable for people across the U.P.,” said Markkanen, of Hancock. “This plan will let people keep more of what they earn in the form of targeted tax relief and give them relief as they are seeing surging costs.
“The state has access to unprecedented levels of revenue and we’re seeing unprecedented levels of inflation. We should return some of this money to taxpayers to help them as they face difficult decisions with their finances.”
The measures cut 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 to help those who are trying to raise a family in the face of surging costs and increases the earned income tax credit to 20 percent from 6 percent.
The proposal also looks 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.
“People simply can’t afford more indecision. They can’t afford to wait and see if the federal government will act on a letter from Gov. Whitmer,” Markkanen said. “They need relief now – and this plan will deliver it.”
House Bill 4568 contains the bulk of the tax plan and advances to the governor for consideration after being approved by Markkanen and the state House on Thursday, along with the Senate. The remainder of the plan in Senate Bill 784 was approved by the Senate and is expected to pass the House early next week.
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