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Snyder signs small tax cut into law
Will save the average person $10
Updated: Friday, 29 Jun 2012, 12:25 PM EDT
Published : Friday, 29 Jun 2012, 12:25 PM EDT
LANSING, Mich. (AP) - Gov. Rick Snyder recently signed into law a tax cut expected to save individuals an average $10 per person when they fill out their tax returns next year.
The law drops the tax rate drop from 4.35% to 4.25% three months earlier, in October rather than next January.
The law also increases how much someone can earn before taxes kick in. The personal exemption will climb from $3,700 per person to $3,950 per person on Oct. 1, then increase by $50 on Jan. 1, 2014, and by $100 on Jan. 1, 2017.
Republicans say they the changes will help taxpayers and the economy, but Democrats say they're just an election-year gimmick.
The GOP-led House has passed a bill dropping the income tax rate to 3.9% by 2018.
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