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Government

Michigan tax revenue estimates revised upward by $5B

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LANSING, Mich. (AP) — Michigan’s short-term budget outlook is even rosier, after economists revised projected tax revenues upward by a combined $5 billion over two years. The new estimates released Friday will be used by Democratic Governor Gretchen Whitmer and the Republican-led Legislature to finalize the next state spending plan. Both sides want to cut taxes but differ over how to do it. Revenues in the school aid and general funds for the current fiscal year are $3 billion higher than was forecast in January. For the 2022-23 budget year, they are up $2 billion from the estimate four months ago.