Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Politics

Michigan budget surplus projected to reach nearly $10 billion by year’s end

by January 16, 2023
January 16, 2023
Michigan budget surplus projected to reach nearly $10 billion by year’s end

Michigan state government is awash in tax dollars.

The state could end the fiscal year with a surplus of $5.1 billion in the general fund and $4.1 billion in the school aid fund, Gov. Gretchen Whitmer’s budget director said Friday. The budget year ends on Sept. 30.

Chris Harkins said nearly $6 billion of that total is for one-time use.

‘We’re still in a very strong position on the balance sheet,’ he said.

The House Fiscal Agency predicts that revenues have been running high enough to automatically trigger a drop in the income tax rate to 4.05% from 4.25%, under a 2015 law.

‘We simply don’t know what’s going to happen because the books are not closed yet,’ state Treasurer Rachael Eubanks said.

Separately, Whitmer has proposed removing a tax on pensions and increasing a tax credit for people with low or moderate incomes.

Republicans, who no longer have a majority in the Legislature, would welcome a broad tax cut.

‘The hardworking people of our great state do not need more government bureaucracy. They need to keep more of what they earn; after all it is their money in the first place,’ said Sen. Jon Bumstead, R-North Muskegon.

Michigan’s unemployment rate should be down to around 3.9%, a pre-pandemic figure, by the end of 2025, said University of Michigan economic forecaster Gabe Ehrlich.

This post appeared first on FOX NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
UK PM Sunak expected to veto Scottish transgender law allowing teens gender recognition certificates
next post
San Fran’s reparations committee proposes $5 million to each Black longtime resident, total debt forgiveness

You may also like

NYC Mayor Eric Adams slams ‘irresponsibility’ of White...

May 3, 2023

TWITTER FILES, PT. 2: Documents Reveal Secret Blacklists...

December 9, 2022

US, Israel unsure how many Hamas hostages are...

November 13, 2023

America First Policy Institute rolls out abortion, life...

April 12, 2024

GOP-led Senate confirming president’s nominees at faster pace...

February 5, 2025

Morning Glory: Name the veep now

January 23, 2024

Trump pauses enforcement of law criminalizing foreign bribery:...

February 11, 2025

Chris Christie slams RNC over ‘useless’ presidential nominee...

June 19, 2023

Special Counsel Jack Smith asks SCOTUS to reject...

February 15, 2024

Hunter Biden’s gun charges come after years of...

September 15, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump’s reported snub of Taiwan president spurs concerns over deference to China

      July 29, 2025
    • Senate confirms Trump pick to lead independent Nuclear Regulatory Commission

      July 29, 2025
    • Bondi DOJ files complaint alleging misconduct by Federal Judge James Boasberg

      July 29, 2025
    • DAVID MARCUS: I’ve seen enough human suffering in homeless encampments to know Trump’s new policy is right

      July 29, 2025
    • Medvedev warns Trump’s new deadline to end Russia-Ukraine conflict is a ‘step towards war’

      July 29, 2025
    • Businessman Sergei Glinka: biography, family, photos, and his view on the future of transport

      July 28, 2025

    Categories

    • Business (8,595)
    • Investing (2,154)
    • Politics (16,229)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved