ichigan could allow the income tax to drop to 4.05%, expand the Earned Income Tax Credit (EITC) back to 20% and exempt more retirement earnings from the income tax and still be on solid economic footing for years down the road, according to a long-time Michigan government budget analyst. State revenues continue to roll in better than expected. State coffers have an unprecedented $9.2 billion on the balance sheet. And, don't forget about the $1.4 billion Rainy Day Fund. Add all that together and Bob Schneider, senior research associate for the Citizens Research Council (CRC) said "we should be fine."
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