LANSING, Mich., Sept. 9, 2022 — Michigan House Democrats unveiled the MI Pocketbook Plan, an urgent agenda aimed to strengthen economic revitalization efforts and reduce the kitchen table impacts of the current economic climate. The six-bill package would support Michiganders by bolstering household finances, providing tax relief and protecting workers’ rights. Included in the plan is House Bill 4986, introduced by state Rep. Rachel Hood (D-Grand Rapids). HB 4986 expands working families’ earned income tax credit (EITC) from 6% to 20%, which would lift 22,000 people out of poverty and send 730,000 working families an average refund of almost $3,000.
“All across Michigan, people are struggling to adequately support their families,” Hood said. “Michigan’s households deserve to have food in their cabinets and enough gas in the tank to get to and from work. In fact, Michiganders deserve to have some extra cash in their wallets to meet their family’s needs and keep our economy moving. My working families tax credit bill would help ensure the working people of Michigan can financially survive, and even thrive. This is common-sense legislation that needs to be passed right away to fortify the people of Michigan.”
HB 4986 is one of six bills included in the MI Pocketbook Plan. The bill package is a comprehensive agenda that supports Michigan pocketbooks and bank accounts. House Democrats have put this plan together to help Michiganders earn and hold on to more of their wages.