Governor Rick Snyder gave his 2012 budget proposal this morning, saying it would create jobs and spur growth.
The budget calls for total spending of $46 billion. Here are some of the highlights.
- Snyder will accept a salary of only $1 for the fiscal year.
- Snyder proposed that the income tax rate should be lowered from 4.35 percent to 4.25 percent and be frozen there.
- The $3,700 personal income tax deductions would be phased out for people making at least $75,000 or couples making at least $150,000.
- Snyder proposes eliminating the Michigan Business Tax to be replaced with a 6 percent corporate income tax assessed to only a small number of businesses that issue stock.
- Cuts in revenue sharing would be around $92 million statewide, from $292 million to $200 million.
Dave Kinchen was at the governor's address and will file a detailed report on Snyder's plan.
