Could You Be Getting $500 For Free Just Because You Live in Michigan?
While nothing in life is free, it seems like everywhere you go you're seeing the sticker price for nearly everything you purchase going up. From gas prices to produce upcharges, we're all feeling the strain on our wallets coming out of the pandemic.
However, Michigan Governor Gretchen Whitmer is looking to help families across Michigan make ends meet with her proposed stimulus plan.
Gov. Whitmer announced a plan on Thursday, May 19th called “Michigan Tax Rebate Right Now,” which proposes the state would possibly give working families $500 to help with rising prices around the mitten state.
Who would be eligible for this money?
As of right now, there have been no specifications as to who would be qualified to receive the money. However, if we go based on previous stimulus plans, it will likely be working family members who have paid taxes in recent years and have a proof of income. More official details will likely be released once the plan makes it past the legislative floor.
Is this money really free?
Well, if you're going to break it down like that- nothing in life is free. However, this money is intended to be a tax break that comes mid year, meaning that it will likely be money that you would have received back from your taxes when you file next year. However, there again, is no clear plan in place.
How much will this plan cost the state of Michigan and it's taxpayers?
It depends on who ends up being eligible - but, If all 10 million people living in Michigan received a one time deposit of $500, the plan would cost around $5 billion. If all 4.6 million employed people in Michigan got $500, it would only cost $2.3 billion. If the smaller of the two plans passed, it would take the entirely of the surplus budget for the state.
Now we wait to see if Michigan legislators move on this plan, or if families will be left trying to figure out how to pay for their increasing bills.