Effective fiscal management led to $3 billion in additional revenue, governor proposes working across the aisle to put money in people’s pockets right away as they face rising prices
LANSING, Mich. – Governor Gretchen Whitmer issued the following statement after the Consensus Revenue Estimating Conference (CREC) showed that Michigan has $3 billion in additional revenue for Fiscal Year 2022.
“Thanks to hardworking people, innovative small businesses, and effective fiscal management, Michigan has $3 billion in additional revenue. In the weeks and months ahead, I look forward to working across the aisle to utilize this additional revenue, pass a budget by June 30th as required by law, and sign a fourth balanced, bipartisan state budget as soon as possible. I proposed a budget in February, which would roll back the retirement tax and triple the Earned Income Tax Credit, make the highest per-student investment ever, continue rebuilding our infrastructure, spur economic development, back workforce development programs, and lower costs.
“Right now, Michiganders from Macomb to Marquette are facing rising prices on food, gas, and other everyday expenses. Yesterday, I proposed MI Tax Rebate Right Now, a plan to take advantage of our additional revenue and send a $500 tax rebate to Michigan’s working families. This is a plan to offer real relief right now—not a year from now. People need money as soon as possible to pick up groceries and put gas in the car this weekend. If we work together, we can provide real relief right now, so families can pay the bills and put food on the table. And I am confident that we can continue in the spirit of collaboration to set up our parents, students, and districts for next school year and deliver on the kitchen-table issues that matter most to working families through our budget process. Let’s get it done.”
Governor Whitmer’s Budget Proposal
In February, Governor Whitmer presented her budget proposal for the upcoming fiscal year. The budget proposes rolling back the retirement tax to put an average of $1,000 back in the pockets of half a million families and tripling the Michigan Earned Income Tax Credit to deliver an average tax refund of $3,000 to 730,000 working families.
The budget would also make the largest education investment in state history, continue rebuilding roads and bridges, bolster public safety, and improve public health.
Governor Whitmer’s Responsible Fiscal Management
Under Governor Whitmer’s decisive leadership, Michigan has had the best economic recovery in its history. Last year, Michigan added 220,000 jobs and went from a projected $3 billion deficit to a $7 billion surplus. She leveraged these additional funds to make once-in-a-generation investments into Michigan’s economy and infrastructure and cut costs for consumers and families.