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Fiscal Cliff Could Hit Michigan Hard
Michigan Capitol Confidential ^ | 11/25/2012 | Tom Gantert

Posted on 11/26/2012 1:05:56 PM PST by MichCapCon

If federal tax cuts that are under review are not extended, Michigan residents could end up paying the equivalent of double their state income tax rate, according to an analysis by the Tax Foundation.

The Tax Foundation looked at the alternative minimum tax (which includes the child tax credit), the Bush tax cuts (which refers to changes to the tax codes that lowered income tax rates) and the 2 percent tax cut to employee-side social security payroll taxes that all expire at the end of the year.

The tax cuts are part of the so-called “fiscal cliff” debate.

Michigan residents would lose on average 4.63 percent of their income if the tax cuts were lost. The Michigan personal income tax rate is 4.25 percent.

"It's asking Michigan residents to effectively pay their state personal income tax twice and even a little more," said Michael LaFaive, director of the Morey Fiscal Policy Initiative at the Mackinac Center for Public Policy.

The Tax Foundation’s Nick Kasprak said a Michigan family of four has a median household income of $72,336 and would see a $3,349 tax increase from the various fiscal cliff provisions.

Michigan ranks 37th out of the 50 states in terms of percentage of income lost to the tax increases.

"This is because Michigan is a middle-income state, and the combined effects of all the fiscal cliff provisions tend to hit low-income (Bush tax cuts are generally a fixed percent of income at low- to mid-part of the income scale) and high-income (the AMT hits upper middle income families) states hardest. States in the middle not as much,” Kasprak said.

President Barack Obama has said he wants to extend the Bush tax cuts to all but the wealthiest 2 percent of Americans.


TOPICS: Government
KEYWORDS: cliff; fiscalcliff; incometax; michigan; middleclass; taxes

1 posted on 11/26/2012 1:06:02 PM PST by MichCapCon
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To: MichCapCon

TS


2 posted on 11/26/2012 1:08:05 PM PST by Perdogg (Rep. Tom McClintock (R-CA4) for President 2016)
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To: MichCapCon

Well that just MAKES my day...


3 posted on 11/26/2012 1:08:19 PM PST by madison10 (“Obama’s fools and Stalin’s fools share the same drink of illusion.” ~~Pravda)
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To: Perdogg

Bump and Dittos

TT


4 posted on 11/26/2012 1:10:59 PM PST by TexasTransplant (Radical islam is islam. Moderate islam is the Trojan Horse.)
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To: MichCapCon

We elected people who want higher taxes for everyone.

So I really only have one question. How’s that working out for you?


5 posted on 11/26/2012 1:14:30 PM PST by lurk
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To: MichCapCon

“If federal tax cuts that are under review are not extended, Michigan residents could end up paying the equivalent of double their state income tax rate, according to an analysis by the Tax Foundation.”

OH WELL!

They all went to the “rich” anyway, right?

You helped send that jackass back to the DC projects, so start hitting up your fellow League of Retarded Obama Voters member for some spare change to pay for the fun!


6 posted on 11/26/2012 1:16:48 PM PST by VanDeKoik
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To: MichCapCon
Fiscal Cliff Could Hit Michigan Hard

Maybe someone will break out the crayons and explain to the morons up there the connection between voting for a foreign commie, supporting the socialist workers unions and hard economic times.

7 posted on 11/26/2012 1:19:21 PM PST by The Sons of Liberty (Remember the Heroic SEALs of Benghazi and DEMAND a Full Accounting!!!!)
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To: MichCapCon

But they have that booming auto industry that Obama “saved”. They should be rolling in money.


8 posted on 11/26/2012 1:21:49 PM PST by tacticalogic ("Oh, bother!" said Pooh, as he chambered his last round.)
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To: MichCapCon

Well, Michigan... just like 28 other states and DC, YOU VOTED FOR THIS!!!!!


9 posted on 11/26/2012 1:31:56 PM PST by ScottinVA (I've never been more disgusted with American voters.)
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To: Springman; Sioux-san; 70th Division; JPG; PGalt; DuncanWaring; taildragger; epluribus_2; Chuck54; ..
And the republicans will get the blame.

If anyone wants to be added to the Michigan Cap Con ping list, let me know.
10 posted on 11/26/2012 1:31:56 PM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: The Sons of Liberty
Maybe someone will break out the crayons and explain to the morons up there the connection

Yes, and in simple, digestible bites, in basic language they can understand, e.g., "When the fiscal cliff happens, you and your employer both will pay higher taxes. Do you know what happens, then? You won't be able to buy as much beer and you won't be able to afford your coveted tattoo, either."

11 posted on 11/26/2012 1:36:48 PM PST by ScottinVA (I've never been more disgusted with American voters.)
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To: MichCapCon

Just another “benefit” to living in Michigan...


12 posted on 11/26/2012 1:40:37 PM PST by ConsStuckInDetroit
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To: The Sons of Liberty; ScottinVA

You do realize than not all of us voted for Obama or do we need to break out the extra dull crayons to explain it to you?


13 posted on 11/26/2012 1:41:55 PM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: MichCapCon

bfd...


14 posted on 11/26/2012 1:43:10 PM PST by latina4dubya ( self-proclaimed tequila snob)
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To: MichCapCon

You voted for Bronco Bama. Now own it !


15 posted on 11/26/2012 1:44:38 PM PST by Newbomb Turk (Hey Newbomb, where's your brothers ElCamino ?)
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To: cripplecreek; ScottinVA
Sure crip, but you have heard the old saying "Lay down with dogs, get up with fleas" haven't you? Maybe you should educate some of your fellow Michiganders up to third grade economics level.
16 posted on 11/26/2012 1:53:05 PM PST by The Sons of Liberty (Remember the Heroic SEALs of Benghazi and DEMAND a Full Accounting!!!!)
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To: MichCapCon

A majority of MI voters voted statist. These voters OWN the results and will live at their own peril. Not feeling sorry for dopes.


17 posted on 11/26/2012 1:57:15 PM PST by VRWC For Truth (Roberts has perverted the Constitution)
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To: cripplecreek

Yes, I`m quite aware that you didn`t vote for Obama. I guess you fail to understand the general nature of my and most other comments on the subject. Shall I pull out the crayons to explain that to YOU?


18 posted on 11/26/2012 2:11:40 PM PST by ScottinVA (I've never been more disgusted with American voters.)
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To: cripplecreek

And for the record, I`m no less PO`d at the majority of voters here in VA.


19 posted on 11/26/2012 2:18:28 PM PST by ScottinVA (I've never been more disgusted with American voters.)
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To: The Sons of Liberty

Well Mr wizard, maybe you can explain to me why all 3 branches of Michigan government are in GOP hands. Then you can explain why all 8 GOP congressmen from Michigan held their seats. You can finish up with explaining why the union proposals were all crushed by a nearly 60/40 margin.

BTW. I AM the flea and the dogs are all fleeing south to sleep with you. LOL


20 posted on 11/26/2012 2:21:28 PM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: cripplecreek
and the dogs are all fleeing south to sleep with you

Not because of the crappy weather and delightful places like Detroit?

21 posted on 11/26/2012 2:25:46 PM PST by The Sons of Liberty (Remember the Heroic SEALs of Benghazi and DEMAND a Full Accounting!!!!)
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To: cripplecreek
Michigan ranks 37th out of the 50 states in terms of percentage of income lost to the tax increases.

Is this part of the "success story" from your bros that claim to be GOP?

22 posted on 11/26/2012 2:30:02 PM PST by The Sons of Liberty (Remember the Heroic SEALs of Benghazi and DEMAND a Full Accounting!!!!)
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To: cripplecreek
BTW. I AM the flea and the dogs are all fleeing south to sleep with you.

Well as long as the parasites like you stay up there, dogs are are welcome.

23 posted on 11/26/2012 2:38:12 PM PST by 21st Century Crusader (August 26, 1191)
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To: MichCapCon

I dunno, I think the Buckeyes hit Michigan pretty hard Saturday... :-)


24 posted on 11/26/2012 2:41:55 PM PST by meyer (Proud member of the 53%.)
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To: 21st Century Crusader

The dogs will go roll in the garbage.


25 posted on 11/26/2012 3:04:37 PM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: MichCapCon

Good, they voted for it.


26 posted on 11/26/2012 4:15:10 PM PST by FreeAtlanta (bahits.com)
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To: cripplecreek

Word of advice smartass - if you come down South, you’d best keep your ass on the main roads at night for HEALTH reasons.


27 posted on 11/26/2012 5:40:57 PM PST by 21st Century Crusader (August 26, 1191)
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To: 21st Century Crusader

LOL you think trash like you frighten me.

Well bless your heart.

You may go now.


28 posted on 11/26/2012 5:43:46 PM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: cripplecreek

Awfully big talker with a small IQ aren’t you!


29 posted on 11/26/2012 5:48:32 PM PST by 21st Century Crusader (August 26, 1191)
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To: 21st Century Crusader

LOL I’m not the coward hiding behind a computer making threats.

Now go lay down boy, you ain’t scaring anybody here.


30 posted on 11/26/2012 5:54:44 PM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: cripplecreek

Well, you already declared that you’re a blood sucking parasitic flea, with a brain to match. So go back and crawl on your momma.


31 posted on 11/26/2012 5:58:29 PM PST by 21st Century Crusader (August 26, 1191)
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To: FReepers; Patriots; FRiends


Some make more than one donation
Many make none
Have YOU contributed?


32 posted on 11/26/2012 6:00:26 PM PST by onyx (FREE REPUBLIC IS HERE TO STAY! DONATE MONTHLY! IF YOU WANT ON SARAH PALIN''S PING LIST, LET ME KNOW)
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To: 21st Century Crusader

Its not my fault that you’re too stupid to know that the liberals are heading south.

Trash like you are an embarrassment to the good folks of the south.


33 posted on 11/26/2012 6:04:05 PM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: cripplecreek

You’re awfully presumptive A-Hole. On second thought, take your smartass into the first drinking establishment you come to down South. The good ole boys could use the fun.


34 posted on 11/26/2012 6:41:10 PM PST by 21st Century Crusader (August 26, 1191)
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To: 21st Century Crusader

((shrug))


35 posted on 11/26/2012 6:45:46 PM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: MichCapCon

I’m surprised you did not post this in Farsi or that Arabic hen scratching so the Detroit new majority could post it in their Mosque where they brag about having a fellow Muslim in the White House.


36 posted on 11/27/2012 3:58:57 AM PST by BTCM (Death and destruction is the only treaty Muslims comprehend.)
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