Michigan retirees could see a major tax cut.
This tax cut has the potential to save you thousands a year.
Who will see the boost?
Michigan Gov. Whitmer announced that se wants to repeal the retirement tax. This tax cut is intended to help retirees deal with rapidly increasing inflation. Experts estimate that this tax cut will save you at least $1,000 a year. Read more about it here.
It is expected that around 500,000 households will see the savings each year. Keep in mind that the current retirement tax doesn’t impact all seniors. The tax is for those born after 1946, so anyone 75 or younger.
Whitmer’s proposal also intends to exempt public pensions and restore deductions for private retirement income.
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