Michigan retirees could see a major tax cut.
This tax deduction has the potential to save you thousands a year.
Who wants to see the boost?
Michigan Governor Whitmer announced that Se wants to repeal the retirement tax. This tax cut is intended to help retirees cope with rapidly rising 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. Remember that the current pension tax does not affect all seniors. The tax is for those born after 1946, so all 75 years or younger.
Whitmer’s proposal also intends to exempt public pensions and restore deductions for private pension income.