Fourteen ways Republicans raised your taxes – and you hardly noticed

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Fourteen ways Republicans raised your taxes – and you hardly noticed

It’s tax time again and have you noticed that almost all of your Michigan tax deductions have disappeared since Republicans and Governor Snyder took office?
Here’s a quick accounting of tax deductions you’re missing. There may even be more.

Missing tax deduction #1: credit for children under 18
Missing tax deduction #2: special exemptions for seniors
Missing tax deduction #3: donations to public institutions, like libraries and museums
Missing tax deduction #4: donations to public radio and TV
Missing tax deduction #5: donations to food banks
Missing tax deduction #6: donations to homeless shelters
Missing tax deduction #7: donations to public colleges and universities
Missing tax deduction #8: credit for homeowners and renters (if income was less than $82,650)
Missing tax deduction #9: the Earned Income Tax Credit is reduced to 6% (from 20%)
Missing tax deduction #10: credit for contributions to your medical savings account
Missing tax deduction #11: credit for donating your automobile to charity
Missing tax deduction #12: credit for historic rehabilitation (after 2011)
Missing tax deduction #13: Homestead Property Tax Credit
Missing tax deduction #14: the refundable credit for low-income workers

But don’t worry. Republicans took all this, plus some more like new taxes on retirees’ pensions, and gave about a $1.5 billion tax cut to business.

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March 14th, 2014|