Sunday, May 9, 2010
You ain't seen nothing yet.States have been struggling with huge budget gaps since 2008, but this year could be worse as federal stimulus funds wind down.
Until now, stimulus money spared governors and state lawmakers from making some of the most brutal budget cuts. But with this lifeline running out, officials are looking at making significant cutbacks to public services, particularly schools and health programs."
But amid all the bad economic news of lost jobs, falling home values and rising costs for college tuition, at least one item isn't weighing as heavily on the family checkbook. Michigan residents are seeing a smaller percentage of their personal income go to state taxes, according to the nonpartisan Senate Fiscal Agency (SFA).
The SFA recently reported that "tax burdens have fallen significantly" in the state between 1999 and 2009."www.mlive.com/politics/index.ssf/2010/05/michigan_residents_tax_burden.html