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February 27, 2021
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INCOME TAX INCREASE
(2007-10-08)
(wgvu) - EFFECTIVE TODAY, WE'RE PAYING MORE IN
STATE INCOME TAXES.
AS PART OF THE BUDGET DEAL REACHED EARLY LAST WEEK BY
LEGISLATORS AND GOVERNOR GRANHOLM, THE INCOME TAX RATE IS GOING
FROM 3.9 PERCENT TO 4.35 PERCENT.
A COUPLE WITH TWO CHILDREN AND $73,000 IN ANNUAL INCOME WILL PAY
AN ADDITIONAL $260.
THIRTY-SIX STATES HAVE HIGHER INCOME TAX RATES THAN MICHIGAN,
WHERE THE RATE WAS 4.4 PERCENT OR HIGHER FROM 1975 THROUGH 1999.
THE INCOME TAX BOOST WAS PART OF A DEAL TO COVER A 1.75
BILLION-DOLLAR DEFICIT IN THE NEW FISCAL YEAR.
MORE MONEY WILL BE RAISED WHEN AN EXPANDED SALES TAX TAKES
EFFECT DECEMBER 1ST.
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