Big savings?

Michigan legislators almost lowered the state income tax rate from 4.25 percent to 3.9 earlier this year, a move that would have cut about $1.1 billion in revenue a year from the state budget. They then considered a smaller cut, to 4.15 percent, which would remove about $250 million. For someone with $150,000 in state taxable income, the latter cut would save $150 annually.

Figure out how much this income-tax cut could save you: Put in your or your family’s Michigan taxable income to get an idea.

NEXT: Snyder is a Republican. Why do his experts want to spend more, not less?

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What's in YOUR wallet? What you might get out of an income tax cut

by John Bebow, Mike Wilkinson and Ted Roelofs, Bridge Michigan
May 9, 2017

<h1>What's in YOUR wallet? What you might get out of an income tax cut</h1> <p class="byline">by John Bebow, Mike Wilkinson and Ted Roelofs, Bridge Michigan <br />May 9, 2017</p> <div class="dr-paragraph right-aligned-blockquote-xl dr-paragraph--right-aligned-blockquote-xl"> <div class="region region--float-right region--float-right-xl dr-paragraph right-aligned-blockquote-xl dr-paragraph--right-aligned-blockquote-xl"> <div class="region__content"> <h2>11 things every Michigan taxpayer should know</h2> <p><a href="http://www.bridgemi.com/economy/compared-other-states-michigans-tax-burden-low-and-getting-lower">Comparatively, Michigan’s tax burden is low – and getting lower.</a></p> <p><a href="http://www.bridgemi.com/economy/look-around-your-taxes-could-be-much-higher">Look around: YOUR taxes could be much higher.</a></p> <p><a href="http://www.bridgemi.com/economy/state-government-gives-more-tax-breaks-it-collects-schools-and-general-government">Michigan gives more tax breaks than it collects for schools/gov’t.</a></p> <p><a href="http://www.bridgemi.com/economy/definition-anti-tax-conservative-has-changed">The definition of “Anti-tax conservative” has changed</a></p> <p><a href="http://www.bridgemi.com/economy/if-michigans-tax-burden-so-low-why-do-taxes-seem-so-high-you">Why might taxes seem high to YOU?</a></p> <p><a href="http://www.bridgemi.com/economy/why-do-legislators-want-cut-state-income-tax">The motivation for a state income tax cut.</a></p> <p><a href="http://www.bridgemi.com/economy/what-might-you-get-out-income-tax-cut">What might YOU get out of an income tax cut?</a></p> <p><a href="http://www.bridgemi.com/economy/snyder-republican-why-do-his-experts-want-spend-more-not-less">Snyder is a Republican. Why his experts want to spend more.</a></p> <p><a href="http://www.bridgemi.com/economy/how-could-michigan-cut-income-taxes-and-spend-more-education-and-infrastructure">Can we cut taxes and spend more on education/infrastructure?</a></p> <p><a href="http://www.bridgemi.com/economy/what-if-michigan-ultimately-raises-taxes-who-might-get-nicked">Future tax increases YOU might face.</a></p> <p><a href="http://www.bridgemi.com/economy/so-what-will-happen-your-taxes-over-long-term">Tax less vs. spend more. How will the standoff end?</a></p> </p> </div> </div> </div> <h3 class="wp-block-heading">Big savings?</h3> <p>Michigan legislators almost lowered the state income tax rate from 4.25 percent to 3.9 earlier this year, a move that would have cut about $1.1 billion in revenue a year from the state budget. They then considered&nbsp;a smaller cut, to 4.15 percent, which would remove about $250&nbsp;million. For someone with $150,000 in state taxable income, the latter cut would save $150 annually.</p> <p>Figure out how much this income-tax cut could save you: Put in your or your family’s Michigan taxable income to get an idea.</p> </p> <hr class="wp-block-separator has-alpha-channel-opacity" /> <h2 class="wp-block-heading"><a href="http://www.bridgemi.com/economy/snyder-republican-why-do-his-experts-want-spend-more-not-less">NEXT: Snyder is a Republican. Why do his experts want to spend more, not less?</a></h2> <div class="dr-paragraph full-width-text dr-paragraph--full-width-text"> </div> <p>This &lt;a target=&quot;_blank&quot; href=&quot;https://bridgemi.com/business-watch/whats-your-wallet-what-you-might-get-out-income-tax-cut/&quot;&gt;article&lt;/a&gt; first appeared on &lt;a target=&quot;_blank&quot; href=&quot;https://bridgemi.com&quot;&gt;Bridge Michigan&lt;/a&gt; and is republished here under a &lt;a target=&quot;_blank&quot; href=&quot;https://creativecommons.org/licenses/by-nd/4.0/&quot;&gt;Creative Commons Attribution-NoDerivatives 4.0 International License&lt;/a&gt;.&lt;img src=&quot;https://i0.wp.com/bridgemi.com/wp-content/uploads/2025/05/cropped-android-chrome-192x192-1.png?resize=150%2C150&amp;amp;ssl=1&quot; style=&quot;width:1em;height:1em;margin-left:10px;&quot;&gt;&lt;img id=&quot;republication-tracker-tool-source&quot; src=&quot;https://bridgemi.com/?republication-pixel=true&amp;post=9679&amp;amp;ga4=G-1E2G9MSHX5&quot; style=&quot;width:1px;height:1px;&quot;&gt;&lt;script&gt; PARSELY = { autotrack: false, onload: function() { PARSELY.beacon.trackPageView({ url: &quot;https://bridgemi.com/business-watch/whats-your-wallet-what-you-might-get-out-income-tax-cut/&quot;, urlref: window.location.href }); } } &lt;/script&gt; &lt;script id=&quot;parsely-cfg&quot; src=&quot;//cdn.parsely.com/keys/bridgemi.com/p.js&quot;&gt;&lt;/script&gt;</p> Copy to Clipboard

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