The Center Square published a recent report that reveals the rate at which Michigan's top earners are taxed. The report is based on a new analysis from experts on Wall Street.
According to the report, the top 1 percent of earners in the state of Michigan are taxed at a rate of 6.2 percent. The report compares the 6.2 percent to Michigan's 9.2 percent contribution rate on the middle 20 percent of all income earners. These figures are from a special report by 24/7 Wall St.
The research is based on data from a 2018 report. The Washington-based Institute on Taxation and Economic Policy (ITEP), excluded data based on federal taxes paid, concentrating on state and local taxes only. The state of Michigan ranked number 18 when compared to all the other states.
The report reveals that the top 1 percent of earners in Michigan make an average of $1.3 million per year. On a nationwide scale, 1 percent of families pay 7.4 percent of their gross earnings toward state and local taxes, the ITEP study gathered.
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