The Michigan House of Representatives has approved a bill to reduce the state's personal income tax rate from 4.25% to 4.05%, potentially saving taxpayers $700 million annually. The measure, which passed with support from all Republican lawmakers and some Democrats, now moves forward for further consideration. Supporters argue the cut will provide financial relief, while critics claim it disproportionately benefits higher-income residents. Democratic Governor Gretchen Whitmer has previously opposed similar tax cuts, raising questions about the bill's future. If enacted, the tax reduction would take effect on January 1, 2025.
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