#factsmatter, The Citizens Research Council Of Michigan Podcast

Budget Currently Being Hashed Out by Legislators to Decline by $1.1 Billion; OBBBA to Eat 40% of Expected General Fund Growth by FY2032 The Citizens Research Council today released an analysis of the One Big Beautiful Bill Act (OBBBA), the massive federal legislation signed into law earlier this month that touches nearly every corner of the federal government. The analysis focuses on the likely short- and long-term impacts of OBBBA provisions on Michigan’s budget outlook. Key provisions of OBBBA include the extension of the vast majority of tax cuts included in the Tax Cuts and Jobs Act of 2017 and an assortment of new – albeit temporary – tax relief provisions for tipped income, overtime pay earners, and senior citizens. Under Congressional rules, the legislation needed to identify significant federal spending reductions to offset the revenue loss attributed to the new tax policies as well as increased military and immigration enforcement spending. OBBBA also achieves federal spending reductions