None saves taxpayers as much as Snyder's biggest target for elimination, the exemption on pension income, which costs the state about $900 million a year. But taken all together, the changes on income tax credits and deductions means individuals would pay $1.7 billion more in taxes annually. Michigan now exempts all Social Security, military and public pension benefits from income taxes, as well as up to $45,120 a year for a single return and $90,240 on a joint return in private retirement and pension benefits. Taxpayers age 65 and over no longer would get to deduct $2,300 in addition to the $3,700 standard deduction, although taxpayers with disabilities still could claim the special deduction. |
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At www.lansingstatejournal.com
Margaret Bassett passed away August 21, 2011. She was a treasured member of the Opednews.com editorial team for four years.
Margaret Bassett--OEN editor--is an 89-year old, currently living in senior housing, with a lifelong interest in political philosophy. Bachelors from State University of Iowa (1944) and Masters from Roosevelt University (1975) help to unravel important requirements for modern communication. Early introduction to computer science (1966) trumps them. It's payback time. She's been "entitled" so long she hopes to find some good coming off the keyboard into the lives of those who come after her.