LANSING, Mich. — State Sen. Lana Theis on Tuesday voted for legislation that would cut taxes by $2.5 billion for Michigan families, the retired and small businesses.
“This is the right plan, both for right now and in the future,” said Theis, R-Brighton. “While the governor and Democrats are proposing the most expensive budget in state history and making government even bigger, taxpayers are being forced to stretch their budgets every month as the cost of living outpaces what they’re taking home. We’re facing an economic situation not seen in 40 years as inflation skyrockets and the state struggles to recover from the governor’s shutdowns. We don’t need more government spending. We need to help Michiganders keep more of what they earn, and this tax cut will help in a big way.”
Senate Bill 768 would reduce the state’s personal income tax from 4.25% to 3.9% and the corporate income tax rate from 6% to 3.9%.
It would also create a $500 per child tax credit for each child age 19 and under.
Additionally, the bill would broaden the tax exemption for all retirement income to $30,000 for individuals and $60,000 for couples.
SB 768, which Theis co-sponsored, now advances to the House of Representatives for consideration.