Education

Impact of Income-Tax Breaks

May 08, 2002 1 min read

A new report commissioned by three Michigan education groups provides this breakdown of how several, seemingly minor changes in state and federal income-tax laws have had the cumulative effect of eliminating $155 million that would have been available for Michigan schools in fiscal 2002.

FY 2002, by Policy

In millions

Indexed personal exemption -$67.6
Private-pension deductions -15.6
Dividend and interest deductions -5.6
Child exemptions -13.6
Special exemptions -15.8
Dependent exemptions -7.1
College-savings-account deductions -1.9
Federal IRA changes -27.0
Federal student-loan deductions -0.8
Total -155.0

SOURCE: “A Review and Analysis of Michigan Tax Policies Impacting K-12 Finances” (Executive Summary), Douglas C. Drake, 2002. (Requires Adobe’s Acrobat Reader.)

Let us know what you think!

We’re looking for feedback on our new site to make sure we continue to provide you the best experience.

Events

This content is provided by our sponsor. It is not written by and does not necessarily reflect the views of Education Week's editorial staff.
Sponsor
Future of Work Webinar
Digital Literacy Strategies to Promote Equity
Our new world has only increased our students’ dependence on technology. This makes digital literacy no longer a “nice to have” but a “need to have.” How do we ensure that every student can navigate
Content provided by Learning.com
Mathematics Online Summit Teaching Math in a Pandemic
Attend this online summit to ask questions about how COVID-19 has affected achievement, instruction, assessment, and engagement in math.
School & District Management Webinar Examining the Evidence: Catching Kids Up at a Distance
As districts, schools, and families navigate a new normal following the abrupt end of in-person schooling this spring, students’ learning opportunities vary enormously across the nation. Access to devices and broadband internet and a secure

EdWeek Top School Jobs

Great Oaks AmeriCorps Fellow August 2021 - June 2022
New York City, New York (US)
Great Oaks Charter Schools
Great Oaks AmeriCorps Fellow August 2021 - June 2022
New York City, New York (US)
Great Oaks Charter Schools
Data Analyst
New York, NY, US
New Visions for Public Schools
Project Manager
United States
K12 Inc.

Read Next

Education Obituary In Memory of Michele Molnar, EdWeek Market Brief Writer and Editor
EdWeek Market Brief Associate Editor Michele Molnar, who was instrumental in launching the publication, succumbed to cancer.
5 min read
Education Briefly Stated Briefly Stated: December 9, 2020
Here's a look at some recent Education Week articles you may have missed.
8 min read
Education Briefly Stated Briefly Stated: Stories You May Have Missed
A collection of articles from the previous week that you may have missed.
8 min read
Education Briefly Stated Briefly Stated: Stories You May Have Missed
A collection of stories from the previous week that you may have missed.
8 min read