This document discusses a graduated income tax plan proposed for Michigan that would cut taxes for 95% of state residents. Key points:
- The plan would establish a graduated income tax scale to make everyone pay an equal share of taxes based on their income, rather than high-income individuals paying a smaller share.
- Under the plan, a family making $80,000 would save $600 per year in taxes, an 18% cut. More than 4.4 million filers would receive an $830 million total tax cut.
- 89% of business owners would receive a tax cut as well. The plan aims to stimulate economic growth and help small business owners.
- A family making $50,