Today State Lawmakers OK Ambitious Tax Cut Effort

In Lansing a proposal has been approved by the State House Tax Committee that would cut Michigan's income tax rate from 4.25 percent to 4.05 percent within the next two years. Another proposal that's still under discussion by lawmakers would cut the rate even more: to 3.9 percent by 2017.

Backers say the state has plenty of surplus money available--now at over $950 million. They contend that will make these tax cuts doable.