The earned income credit is aimed at single people who make less than $12,880 and families with at least two kids earning less than $41,646. But many Michigan residents miss out on the credit, to the tune of more than $300 million a year. That's money that could help not only individuals and families, but also the state economy.
"We leave plenty of federal dollars on the table," said Lt. Gov. John Cherry, at a recent event highlighting the earned income credit. "We need to think of this as our own economic stimulus. It won't go to Wall Street bankers, it will go right to your neighbor here in Michigan."
600,000 Michigan residents miss out on this each year. $1.4 billion came to the Michigan economy in '07 from this credit, and that's no chump change. Check at the IRS site to see if you qualify, and don't forget the state credit as well. Happy returns!
The federal government is taking an increasingly hard line with the creditors of General Motors Corp. and Chrysler LLC, trying to squeeze billions of dollars in concessions out of banks, bondholders and others.
In both cases, the U.S. is directly and not-so-directly managing negotiations for the car companies as they prepare for what could be Chapter 11 bankruptcy filings.
Read the whole thing for details. Word comes today that the Treasury is telling GM to prepare for bankruptcy. The governor called this a "game of chicken" on CNBC this afternoon... stay tuned. Looks like this will go down to the wire.