|
|
|
The right to criticize government is also an obligation to know what you are talking about.
-Lent Upson, 1st Executive Director of CRC
Michigan Historic Personal Income Tax Revenue: 1968 to Present
 |
| Fiscal Year |
Revenue Yield
($ millions) |
|
Public Act |
Change Caused by Act |
| 1967 |
|
A |
PA 281 |
Personal Income Tax established with a 2.6 percent tax rate and $1,200 personal exemption effective July 20, 1967. |
| 1968 |
$ 262.9 |
|
|
|
| 1969 |
391.7 |
|
|
|
| 1970 |
411.5 |
|
|
|
| 1971 |
472.4 |
B |
PA 76 |
Increased tax rate to 3.9 percent. |
| 1972 |
731.3 |
|
|
|
| 1973 |
921.5 |
C |
PA 20 |
Increased personal exemption to $1,500 effective January 1, 1974. |
| 1974 |
965.7 |
|
|
|
| 1975 |
962.8 |
D |
PA 19 |
Increased tax rate to 4.6 percent. |
| 1976 |
1,115.3 |
|
|
|
| 1977 |
1,440.7 |
|
|
|
| 1978 |
1,700.7 |
|
|
|
| 1979 |
1,948.3 |
|
|
|
| 1980 |
1,924.1 |
|
|
|
| 1981 |
2,033.1 |
|
|
|
| 1982 |
2,109.5 |
E |
PA 155 |
Increased tax rate to 5.6 percent effective April 1, 1982 through September 30, 1982.
Returned tax rate to 4.6 percent effective October 1, 1982. |
| 1983 |
2,600.0 |
F |
PA 15 |
Increased tax rate to 6.35 percent for calendar year 1983. |
| 1984 |
3,462.8 |
G |
PA 221 |
Reduced tax rate to 5.35 percent as of September 1, 1984. |
| 1985 |
3,221.8 |
|
|
|
| 1986 |
3,281.2 |
H |
PA 16 |
Reduced tax rate to 4.6 percent effective April 1, 1986. |
| 1987 |
3,149.8 |
I |
PA 254 |
Increased the personal exemption to $1,600 for 1987, $1,800 for 1988, $2,000 for 1989, and $2,100 for 1990. |
| 1988 |
3,571.3 |
|
|
|
| 1989 |
3,870.8 |
|
|
|
| 1990 |
3,961.0 |
|
|
|
| 1991 |
3,951.9 |
|
|
|
| 1992 |
3,920.0 |
|
|
|
| 1993 |
4,183.7 |
J |
PA 328 |
Decreased tax rate to 4.4 percent effective May 1, 1994. |
| 1994 |
4,412.9 |
|
|
|
| 1995 |
5,247.2 |
K |
PAs 2&3 |
Increased the personal exemption to $2,400 in 1995, to $2,500 for tax years beginning after 1996, and indexed in $100 increments, beginning with the 1998 tax year, the personal exemption to the consumer price index. |
| 1996 |
5,365.7 |
|
|
|
| 1997 |
5,934.7 |
L |
PA 86 |
Beginning with the 1998 tax year, increased personal exemption by $200. |
| 1998 |
6,397.1 |
M |
PA 2-6 |
Reduced the tax rate by 0.1 percentage point per year beginning in 2000, with final reduction to 3.9% occurring in 2004. |
| 1999 |
6,939.0 |
|
|
|
| 2000 |
7,246.5 |
|
|
|
| 2001 |
6,839.3 |
|
|
|
| 2002 |
6,260.3 |
|
|
|
| 2003 |
5,845.7 |
|
|
|
| 2004 |
5,912.0 |
|
|
|
| 2005 |
6,038.6 |
|
|
|
| 2006 |
6,242.9 |
|
|
|
| 2007 |
6,452.6 |
N |
PA 94 |
Increased tax rate to 4.35% effective October 1, 2007. Beginning October 1, 2011, and each October 1st after 2011, the rate is reduced 0.1% until the rate reaches 3.95%. On October 1, 2015, the rate is 3.9%. |
Source: Michigan Department of Treasury. |
Last Updated June 27, 2008
Contact crcmich@crcmich.org with comments or suggestions.
|
|
