New law to cut taxes for working families, seniors
MICHIGAN, Mich. (WNEM) - Gov. Gretchen Whitmer, along with Senate Majority Leader Winnie Brinks, Speaker of the House Joe Tate, and members of the Michigan legislature, signed the Lowering MI Costs Plan into law on Tuesday, which rolls back the retirement tax.
This law will put $1,000 back in the pockets of 500,000 households and quintuples the Working Families Tax Credit, which will deliver an average combined tax refund of $3,150 to 700,000 families, directly benefiting nearly one million kids, the state said.
“Right now, families are facing the pinch and having tough conversations about how to make ends meet,” Whitmer said. “Today, I am proud to sign a $1 billion tax cut for seniors and working families.”
Whitmer said the Lowering MI Costs Plan will help people pay the bills, put food on the table, and afford essentials like groceries and school supplies.
“It will ensure seniors can keep more of what they’ve earned over a lifetime of hard work and put money back in the pockets of 700,000 working families. I will continue to work with our legislative partners to build on this progress, grow our economy, and lower costs for every Michigander,” she said.
“We are delivering on our commitment to Michiganders,” Tate said. “With the signing of this bill, we are giving retirees back their hard-earned dollars and putting more money into the hands of working families. This is meaningful relief to help support our residents and it lets them know that their priorities are our priorities.”
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