Senate Finance Committee chair calls for new negotiations to reduce taxes for all seniors, Michigan families

LANSING, Mich. —  Senate Finance Committee Chair Jim Runestad on Tuesday called for new negotiations on tax relief for all of Michigan’s senior residents and families, and welcomed Gov. Gretchen Whitmer to set aside her veto pen and join the discussion following reports that she will call for tax cuts on senior retirement income during her State of the State address on Wednesday in light of surplus revenues.

“Gov. Whitmer is late to the party, but we welcome her to join the effort with Senate Republicans to reduce tax burdens for hardworking Michigan families and vulnerable seniors who are now facing the financial challenges of historic inflation levels,” said Runestad, R-White Lake.

“Many seniors are now working past the standard age of retirement. Unfortunately, the governor’s one-sided, closed-door approach to policy has resulted in a proposal that will leave vulnerable working seniors behind. Senate Bill 467 of 2021 has already been approved by Senate Finance committee and would provide tax relief to all seniors — not just those with retirement income — by increasing exemptions on all senior income.”

The Senate Finance Committee is conducting a hearing on Wednesday to vote on a new proposal, introduced by committee vice chair Sen. Aric Nesbitt, that would combine a $500 child tax credit with a reduction of the income tax on all taxable income to 3.9% and a reduction of the corporate income tax to 3.9%, aiming to be on par with…