jtemplate.ru - free extensions for joomla
Wednesday, 29 January 2014 10:42

Michigan Senate committee approves income tax cut

LANSING, Mich. (AP) - A legislative panel has voted to gradually cut Michigan's income tax from 4.25 percent to 3.9 percent within three years. The 5-2 vote Wednesday from the Senate Finance Committee is the first since lawmakers were informed of a projected $1 billion budget surplus. But it may be months before a plan wins final approval because while legislators definitely want to provide tax relief this year, there's no consensus on how. Republican Gov. Rick Snyder hasn't committed to a permanent income tax reduction and is expected to outline his own proposal next week. Republicans controlling the committee voted for the tax cut, saying the economy does better when more money's in the hands of taxpayers. Democrats opposed the bill, saying income tax cuts have no discernible impact on economic growth.