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Michigan Senate passes individual, corporate income tax cuts

Michigan Senate passes individual, corporate income tax cuts

A divided Michigan Senate approved bills that lower the state’s individual and corporate income taxes today. The bills would drop tax rates below 4-percent.

Besides lowering the tax rate…the legislation would also create a 500-dollar child tax credit…and open more exemptions for people older than 62.

Republican state Senator Aric Nesbitt says his plan gives blanket tax breaks instead of targeted ones the governor proposed.

“I think it’s something where, when you provide tax relief, it’s best to provide tax relief to all working families, all seniors, instead of trying to pick winners and losers.”

But Democratic state Senator Curtis Hertel says the Republican proposal would require the state to cut too much spending.

“It’s fiscally irresponsible to do it that way. We have to work together to determine what we’re going to fund, what we’re going to cut, and what we can give back to people.”

The individual income tax bill now goes to the governor.