Today, the Michigan Senate passed Senate Bill 768. This bill would cut the personal income and corporate income tax rates back down to 3.9%, and would give families a $500 tax credit for each of their dependent children. The Mackinac Center for Public Policy, which has continuously called on the governor and lawmakers to lower the personal income and corporate income tax rate, applauds the Senate passage of this bill and calls on the House to follow suit. Below is a statement from Michael LaFaive, senior director of fiscal policy.

"Senate Bill 768 finally rolls back the 2007 Granholm personal income tax hike that was promised to expire, but that promise has yet to be fulfilled. Our research has shown that returning the personal income tax rate to 3.9% would create 15,000 new jobs for Michiganders in its first year alone. We thank the senators who approved this broad-based tax relief for Michigan families and businesses."

To learn more about the Mackinac Center's work on taxes and other fiscal policy issues, visit www.mackinac.org/fiscal.