A few weeks ago, we told you that House Joint Resolution A was introduced by State Rep. Jeff Irwin (D-Ann Arbor) on the first day of the new legislative session, which would strip Michigan’s long-standing protection against imposing a Graduated Income Tax. Last week, another resolution – Resolution HJR K was introduced by State Rep. Jim Townsend (D-Royal Oak) who also introduced House Bill 4341, which would impose enormous increases in the individual income tax rates.
The Townsend legislation begins by limiting the personal exemption for many individuals and families, and eliminates the personal exemption altogether for those making over $80,000 ($160,000 jointly.) It also proposing taking Michigan’s current flat 4.25% rate to a sliding scale increase from 3% for those making $20,000 or less – up to 10% for those making $1M or more!
The Michigan Chamber of Commerce is strongly opposed to proposals to impose massive tax increase on families, entrepreneurs, and job providers by eliminating Michigan’s long-standing taxpayer protection against a graduated income tax.
For more information on this, or other tax related issues, please contact Tricia Kinley at email@example.com or (517) 371-7669.