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Circling the Drain
Rep. Kurt Damrow
continues to draw negative attention
How much more nastiness is there to hear and read?" That's a common refrain from Huron and Tuscola County residents as news of Kurt Damrow's delinquent property taxes came to light in mid-December.
The list of Damrow's troubles has been steadily reported in The Huron Daily Tribune and Tuscola Advertiser, the two largest newspapers in the 84th District. Next the Saginaw News and Bay City Times started following what's popularly known as "Damrow Drama."
Then the Lansing media, including the much-followed
Gongwer online news service, followed the trail and made
Damrow's foibles part of the inside politics chatter in the state capitol. You can see the latest updates at www.gongwer.com/
Prepare for the state's
2012 pinch on your money
Retirement monies will be taxed for many
Public Act 38 of 2011 goes into effect January 1, 2012. One provision affects retirees under age 67, whose pension, retirement and investment income will be taxed as ordinary income for the first time.
Even those who retired from jobs that guaranteed no tax on their pensions will be taxed after all. Retirees under age 67 who normally tap their IRA or other retirement savings to help pay for their living expenses, should consider a draw before Jan. 1, 2012 to avoid the tax penalty going into effect.
Senior and unemployed insurance exemption
also goes away
Another part of PA 38 eliminates the $2,300 exemption for seniors 65 and older and taxpayers who receive unemployment
insurance equal to or greater than 50% of their adjusted gross income. That's a sizable loss for those not expecting it.
Watch for changes in the homestead property tax credit
Under the same legislation going into effect Jan. 1, taxpayers with a homestead "taxable value" over $135,000 will no longer qualify for the Homestead Property Tax Credit.
Even if you don't meet that criteria, you might lose out another way. Taxpayers with reported income between $50,000 and $82,650 will also lose at least some of the tax credit. The best advice? Talk to your income tax preparer to get the most accurate interpretation of the new law.
See a previous newsletter issue
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