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Sunday, January 29, 2012

Tax Season is Here in Michigan, what changes do Michigan's GOP leaders have in store for you

Photo Credit-Jeff Israel 
Tax season is here again. We always hear Republicans say they are for lower taxes. Lower taxes on who? In Michigan it means lower taxes for corporations and higher taxes on the poor, working class and retirees. 
 The only tax reduction passed this year was the elimination of the corporate income tax. Everything else in the tax bill will mean a tax increase or lower refund for every poor, working class or retiree taxpayer in the state.
 Here is what it means to us:
Repeal of the public pension exclusion for taxpayers born on or after Jan. 1, 1946;
• Repeal of the pension exemption amount for private pensions and annuities;
• Repeal of other special exemptions for seniors;
• Repeal of special exemption for unemployment compensation greater than 50 percent of adjusted gross income (AGI);
• Repeals the $600 deduction for children 18 and under;
• Repeals the credit for city income taxes;
• Repeals the credit for public contributions, contributions to homeless shelters, food banks, and community foundations;
• Repeals the credit for contributions to medical savings accounts;
• Repeals the credit for college tuition and fees;
• Phases out the personal exemption beginning at $75,000 of household resources for single filers and $150,000 for joint filers;
• Elimination or reduction of the homestead tax credit, based on new guidelines for a homes taxable value and income level

Now they are discussing raising gas taxes by 9 cents a gallon and vehicle registration fees by 67% per year. All I have to say is thanks Senator Pavlov and the rest of the republican legislature for caring more about big corporations than for the everyday working families and retirees of Michigan.
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