| 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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