CNS News–As part of an effort to improve the Earned Income Tax Credit, about 700,000 families in Michigan will get tax refunds of about $550 starting in 2024. Governor Gretchen Whitmer said that the checks should start going out on February 13. This is because the state lawmakers decided to raise the credit from 6% to 30%.
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The increase in the Earned Income Tax Credit was first passed by the state legislature, which is run by Democrats, in March. Lt. Gov. Garlin Gilchrist stressed that the rebates are meant to help regular Michigan families by giving them much-needed money when prices are going up.
The national inflation rate is currently 3.1%, which makes it hard for many Americans to afford basic things like groceries. However, Michigan residents don’t need to fill out any extra forms to get their tax rebates. If you meet the requirements for the extra state credit and file your tax return for 2022, you will be eligible.
The exact amount of the rebate depends on things like your salary, how you file your taxes, the number of qualifying children you have, and whether you are disabled. Residents could get up to $2,080 for the 2022 tax year and up to $2,229 for the 2023 tax year. The average refund is expected to be $550.
The Better Earned Income Tax Credit in Michigan
As part of an effort to improve the Earned Income Tax Credit, about 700,000 families in Michigan will get tax refunds of about $550 starting in 2024. Governor Whitmer talked about how the extra money will directly help Michigan families by saying that it can be used to pay bills, buy necessities, and help pay for school supplies. The news comes at a time when inflation is still a problem across the country.
Financial experts agree that this refund is important for Americans, especially in times of high inflation. Scott Bauer, CEO of Prosper Trading Academy, talked about how hard it is for Americans to make ends meet. He emphasized how hard it is for younger people to deal with inflation and how it affects their ability to buy things, which can make it hard to own a house.
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Even though the economy is still having problems, Governor Whitmer was positive, pointing to falling prices and higher take-home pay as signs of hope. That being said, she agreed that more work needed to be done to fix economic problems and help people.