How Could GOP Tax Changes Affect Michiganders?
“Most Michiganders get very little, if anything, out of this,” says MSU Economist Charles Ballard.
FILE - Michigan Individual Income Tax Return.
Republicans in Washington are intent on making big changes to the tax code before the end of the year.
The U.S. House approved legislation last week that would reduce the corporate tax rate from 35 percent to 20 percent, reduce the number of tax brackets from seven to four, and would double the standard deduction for individuals and families — among other things.
The U.S. Senate could vote within the next week on its own plan, which is similar in many ways to the House plan. But that vote could be in jeopardy depending on a few key swing votes in the Senate GOP caucus.
But if the overhaul does get through Congress, what would these changes mean for people here in Michigan? How would they affect your wallet?
MSU Economist Charles Ballard joins Detroit Today with Stephen Henderson to talk about what this could mean for Michiganders.
“Most Michiganders get very little, if anything, out of this,” says Ballard. “A lot of middle-income families will actually have a tax increase.”
Henderson also speaks with Detroit News Washington D.C. reporter Melissa Nann Burke about the likelihood of the tax plan clearing the Senate.
“It seems like the Senate bill could be decided by just a handful of Senators, some of whom have already come out and started to express their concerns as it exists in its current form,” says Nann Burke.
Click on the audio player above to hear the full conversation.
