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LANCING, MICHIGAN (WLNS) – The Michigan Senate approved a tax cut proposal two weeks ago that would lower income tax rates on corporate and personal income and would have a big impact on state revenue.

“We have one of the highest corporate tax rates in the Midwest and one of the highest in the country,” said Republican Sen. Jim Runestad.

“At a time when we have billions and billions of dollars in our coffers, more than ever in the history of Michigan, the bill raises the tax from 6% to 3.9%,” Runestad said.

The bill also provides for a tax credit of $ 500 per child.

“People in Michigan just don’t have children,” Runestad said. “If I’ve talked to people, it will help.”

For a full account analysis, watch the video above.

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