LANSING, Mich. — Legislation recently co-sponsored by Sen. Lana Theis would give tax breaks to Michigan families, workers and job providers.
“At a time when many Michigan residents have had to deal with significant economic hardships, largely caused by the Whitmer administration’s response to the coronavirus, the state has been raking in money hand over fist,” said Theis, R-Brighton. “While government continues to expand and spend taxpayers’ dollars at an unprecedented rate, small businesses and workers in Michigan are struggling to stretch their budgets as historically high inflation forces everyday families to spend more for necessities.”
Senate Bill 768 would lower the state’s personal and corporate income tax rates to 3.9% from 4.25% and 6%, respectively, and provide families with a $500 per child tax credit.
“It’s past time we do something to help the forgotten working men and women of our great state who want nothing more than to take care of their families and for the government to leave them alone,” Theis said. “This plan will empower the people by letting them keep more of what they earn and easing the financial burden of having a family. Reducing the corporate tax rate to among the lowest in the region will also help spur private sector investment and job creation. These tax reforms are good for everyone and should be passed and signed as soon as possible.”
SB 768 was referred to the Senate Finance Committee for consideration.