Michigan’s State Income Taxes Will Be Lowered For 2024, But How Much?
If you are feeling the bite of income taxes the bite in 2024 will be a little softer but how much will Michigan taxpayers save?
Filing the Yearly Income Tax
I don't know anyone looking forward to filling out their annual income tax forms except for people who already know they will get a big refund. Who wants to give up more money anyway?
This year was the first time I have had to pay after filing my income taxes for a lifetime so I wasn't too happy about that. I had previously always had a side business that helped me get a refund but that has gone away.
When I lived in Indiana it was the state tax that I had the most trouble with and federal always seemed to work out. When I moved back to Michigan, it was pretty much the same as I would get a decent refund from the federal government and a smaller one from the state of Michigan. This year I had to pay federal income tax and just a tiny refund from Michigan but I'm still in the hole after paying the tax preparer.
Michigan to Lower Income Tax for 2024
I have to admit I was intrigued when I heard about a lower income tax for Michigan residents in 2024. Once I looked into it, I wasn't as excited when I found out it is only temporary. I can't complain too much because a tax break is a tax break
According to WOOD, Michigan as a state did really well so the treasurer will temporarily bump down the income tax rate from 4.25% to 4.05%. If you make 40K per year that equates to about $50 or a tank of gas for a tiny car.