State Senator Aric Nesbitt has introduced legislation to cut Michigan taxes. He tells WSJM News with the state accumulating a bigger surplus by the month, it’s time to give people a break.
“Michigan’s looking at having a nearly $2 billion surplus in the current fiscal year, we had lapsed funding this last year, there’s a lot of state revenue, and I think the best thing is to return that to the taxpayers,” Nesbitt said.
The proposal is to cut the state’s personal and corporate income tax rates to 3.9% from 4.25% and 6%, respectively. It would also allow families child tax credits of $500 per child.
“We’re seeing the pricing pressures that are happening, inflation taking hold around the state and country, and I think it’s time that we provide relief to families and job creators here in Michigan.”
Nesbitt says the state surplus is separate from federal COVID funds. He and more than a dozen other Michigan senators introduced the plan Thursday. It’s now before the Senate Finance Committee.
