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Wednesday, April 20, 2011

Michigan's Earned Income Tax Credit revised to $25.00 per child, Gov. Snyder administration announces

Photo Credit-ROJS News
Lt. Gov. Brian Calley announces
change in working poor state
Earned Income Tax Credit (EITC),
on April 20th
In a small change in his initial stance, of the Michigan Earned Income Tax Credit (EITC), Governor Rick Snyder (R) has agreed to give EITC-eligible income tax files a $25.00 per child credit. The policy revision was announced by Lt. Governor Brian Calley (R) in testimony before the state House Tax Policy Committee on April 20th.

With additional the reworking Homestead Tax Credit to low-income filers, both proposals are set to target Michigan’s working-poor, by providing about $100 million in  payments in total.  

Governor Snyder’s revision his initial 2011-12 fiscal budget proposal, would provide approximately $374 million in income supplemental payments to EITC-eligible taxpayers, that would have been lost under Snyder’s original “draconian budget”. 

The $25.00 per child credit is nowhere close to the original EITC, where the average low-income family or single individual could receive up to $500.00 on their state tax return, depending earned wages.

Tax Policy Committee Chairman Rep. Jud Gilbert, R-Algonac, who worked with Snyder administration officials to address the loss of the EITC, said the change would “mitigate the problem” created by ending support for the working poor. 
“It’s not as generous. It’s targeted to children,” he said to the Detroit Free Press. “It’s kind of a scaled-down EITC.”
Michigan Catholic Conference, who opposes elimination of the EITC, called the proposed change “a step in the right direction.” But, the conference vowed to continue lobbying for more substantive changes, spokesman Tom Hickson stated. 

Governor Snyder various tax proposals has faced heated opposition residents and voters who strongly disagree with giving a 1.8 billion dollar tax-giveaway C and S corporation businesses; while raising taxes on poor and elderly people and making deep cuts to state programs that aid those populations. 

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1 comment :

los angeles notary said...

Is this a case of promises not being feasible and people getting the low end of the bargain? I think the $25 per child policy stands to go up between 50 and 100.

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