LANSING, Mich. (Michigan News Source) – A Consensus Revenue Estimating Conference revealed a projected state surplus for 2024. 

“Michigan’s economic outlook is stable and healthy,” said Speaker of the House Joe Tate (D-Detroit) at Friday’s conference. “Today’s revenue estimating conference confirmed that the work done by the Democratic majority has kept our economy moving in the right direction.”

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In addition, Speaker Tate expressed that the budget this year would focus on “maximizing dollars to the benefit of our constituents.”

“Michiganders work hard, and they expect government to work even harder to prioritize their needs and improve our state,” he added. “I look forward to working with my colleagues in the House and Senate, and with Governor Whitmer, to continue to advance our goal of putting people first.”

Republican legislators call for limit on taxes.

Other legislators such as State Representative Sarah Lightner (R-Springport) are advocating for Governor Gretchen Whitmer and others in leadership positions not to raise taxes in the state. 

“The latest revenue estimates clearly show that there’s absolutely no reason to impose higher taxes on the people of Michigan,” said Rep. Lightner in a statement. “Even without the governor’s tax increase, there’s enough revenue coming into the state to fund education and other essential services in the budget.”

The Minority Vice Chair of the House Appropriations Committee also acknowledged that inflation has negatively impacted Michiganders net income the last couple of years. 

“The role of state government isn’t to spend all of people’s money,” said State Rep. Lightner. “Lower taxes mean people keep more of the paychecks they earn, which helps them afford the everyday cost of living. With higher-than-expected revenue in Michigan, we can fund government services and sustain a tax cut.” 

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“Even the governor has acknowledged the need to help families struggling with inflation. Let’s support that sentiment, cut the income tax rate back to 4.05%, and let families keep more of their paychecks.”

Gov. Whitmer suggests tax cuts not on the itinerary.

On Monday, the Governor indicated that she may not be seeking any tax cuts, “I don’t think you’re going to see any proposals on that front,” Gov. Whitmer said according to the Detroit News. 

“I think our house is in good order,” Whitmer said according to the Detroit News. “We always knew we’d have a moment where we would have to really be smart about how we spend these dollars. But I feel good about the situation we’re in.”

See here for a copy of the Consensus Revenue Agreement Executive Summary which includes economic and revenue forecasts for 2024, 2025, and 2026.