William A Kostin's Blog (1)

2011 House Bill 4361 Voting Results: Replace MBT, Tax Pensions, Trim Credits & Deductions

Replaces the Michigan Business Tax (MBT) with a 6% corporate income tax; eliminates several corporate tax breaks and subsidies; repeal a gradual cut in the personal income tax rate from 4.25% to 3.9%; scale back the current income tax exemption for pension income; reduce the Earned Income Tax credit by 70%; eliminate or reduce other income tax dedutions and credits including the homestead property tax credit, personal exemption and dependent child credit; and make…

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Added by William A Kostin on May 16, 2011 at 3:36pm — No Comments

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