Posted on 11/26/2012 1:05:56 PM PST by MichCapCon
If federal tax cuts that are under review are not extended, Michigan residents could end up paying the equivalent of double their state income tax rate, according to an analysis by the Tax Foundation.
The Tax Foundation looked at the alternative minimum tax (which includes the child tax credit), the Bush tax cuts (which refers to changes to the tax codes that lowered income tax rates) and the 2 percent tax cut to employee-side social security payroll taxes that all expire at the end of the year.
The tax cuts are part of the so-called “fiscal cliff” debate.
Michigan residents would lose on average 4.63 percent of their income if the tax cuts were lost. The Michigan personal income tax rate is 4.25 percent.
"It's asking Michigan residents to effectively pay their state personal income tax twice and even a little more," said Michael LaFaive, director of the Morey Fiscal Policy Initiative at the Mackinac Center for Public Policy.
The Tax Foundation’s Nick Kasprak said a Michigan family of four has a median household income of $72,336 and would see a $3,349 tax increase from the various fiscal cliff provisions.
Michigan ranks 37th out of the 50 states in terms of percentage of income lost to the tax increases.
"This is because Michigan is a middle-income state, and the combined effects of all the fiscal cliff provisions tend to hit low-income (Bush tax cuts are generally a fixed percent of income at low- to mid-part of the income scale) and high-income (the AMT hits upper middle income families) states hardest. States in the middle not as much,” Kasprak said.
President Barack Obama has said he wants to extend the Bush tax cuts to all but the wealthiest 2 percent of Americans.
TS
Well that just MAKES my day...
Bump and Dittos
TT
We elected people who want higher taxes for everyone.
So I really only have one question. How’s that working out for you?
“If federal tax cuts that are under review are not extended, Michigan residents could end up paying the equivalent of double their state income tax rate, according to an analysis by the Tax Foundation.”
OH WELL!
They all went to the “rich” anyway, right?
You helped send that jackass back to the DC projects, so start hitting up your fellow League of Retarded Obama Voters member for some spare change to pay for the fun!
Maybe someone will break out the crayons and explain to the morons up there the connection between voting for a foreign commie, supporting the socialist workers unions and hard economic times.
But they have that booming auto industry that Obama “saved”. They should be rolling in money.
Well, Michigan... just like 28 other states and DC, YOU VOTED FOR THIS!!!!!
Yes, and in simple, digestible bites, in basic language they can understand, e.g., "When the fiscal cliff happens, you and your employer both will pay higher taxes. Do you know what happens, then? You won't be able to buy as much beer and you won't be able to afford your coveted tattoo, either."
Just another “benefit” to living in Michigan...
You do realize than not all of us voted for Obama or do we need to break out the extra dull crayons to explain it to you?
bfd...
You voted for Bronco Bama. Now own it !
A majority of MI voters voted statist. These voters OWN the results and will live at their own peril. Not feeling sorry for dopes.
Yes, I`m quite aware that you didn`t vote for Obama. I guess you fail to understand the general nature of my and most other comments on the subject. Shall I pull out the crayons to explain that to YOU?
And for the record, I`m no less PO`d at the majority of voters here in VA.
Well Mr wizard, maybe you can explain to me why all 3 branches of Michigan government are in GOP hands. Then you can explain why all 8 GOP congressmen from Michigan held their seats. You can finish up with explaining why the union proposals were all crushed by a nearly 60/40 margin.
BTW. I AM the flea and the dogs are all fleeing south to sleep with you. LOL
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