Hello again
I have been preparing taxes for the low income people in this area, and have noticed that the Snyder government has done every thing in its power to increase the taxes on senior retirement people.
The latest ruling by the Michigan Supreme Court has actually had a positive affect for retirement income.
"In its review of the pension tax, the Supreme Court ruled that the changes phasing out Michigan’s personal exemption were not constitutional as that violated a ban on a graduated income tax. All other provisions of the pension tax were allowed to stand. Somewhat ironically the result of the court’s ruling means that those individuals with more than $75,000 in retirement income, who would have otherwise paid the income tax on pensions, will be taxed less than originally expected because they will now be able to claim the exemption."
Score one for the people who built this state to a level of prosperity, and have looked forward to a retirement free of worry from the Government.
While I know this does not alleviate the retirement tax, it helps.
take care
and check back later
Randy
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