State Rep. Andrew Fink issued the following statement after the state’s Consensus Revenue Estimating Conference indicated revenue is up another $1.2 billion – a development that will trigger a reduction in the state income tax rate for the 2023 tax year:
“Time and again, Gov. Whitmer has vetoed our attempts to reduce the income tax burden on Michigan’s working families – but thanks to systems put in place by Republican legislators in 2015, reductions will happen without requiring her signoff. Barring changes to state law, these savings will occur automatically, allowing people to keep more of their hard-earned money.
“This rollback couldn’t come at a better time, as families throughout Michigan continue to take the greatest hits amid unprecedented inflation.”
The Michigan income tax cut rate will likely be cut this year due to a law the Republican-led state government approved in 2015, which requires the individual income tax rate to decrease automatically if year-over-year state general fund revenues increase at a greater rate than inflation.
Rep. Fink continues to be concerned about inviting Chinese companies and hundreds of Chinese nationals to Michigan. The legislator is calling for more oversight ahead of the projects.
“The Democratic majority is doing whatever they can to pass a tax hike onto families and small businesses throughout Michigan. This bill was written in secret, efforts were made behind the scenes to strong-arm members, and Republicans weren’t allowed to stand up for Michigan taxpayers and speak against this — violating our right to debate.”
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