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Today, two bills that take positive steps in helping Michigan’s economy were advanced to the House floor. The House Tax Policy Committee voted to report HB 5838, which would bring the personal income tax back down to 3.9%. HB 5054, reported to the floor by the House Appropriations Committee, would help the state pay down pension debt faster. Below is a statement from James Hohman, director of fiscal policy at the Mackinac Center.
State revenues have grown throughout the pandemic, so it’s good to see that lawmakers have made it a priority to lower taxes and pay down pension debts.
The tax cuts will make Michigan more competitive, encourage small business development, and will help the state attract more residents. Paying down pension debts will protect retirees and taxpayers alike.
You can learn more about the Mackinac Center’s work on fiscal policy at www.mackinac.org/fiscal.
The Mackinac Center for Public Policy is a nonprofit research and educational institute that advances the principles of free markets and limited government. Through our research and education programs, we challenge government overreach and advocate for a free-market approach to public policy that frees people to realize their potential and dreams.
Please consider contributing to our work to advance a freer and more prosperous state.
