Michigan

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Michigan owes more than it owns.
Michigan has a -$4,100 Taxpayer Burden.™
Michigan is a Sinkhole State without enough assets to cover its debt.
Elected officials have created a Taxpayer Burden™, which is each taxpayer's share of state bills after its available assets have been tapped.
TIA's Taxpayer Burden™ measurement incorporates both assets and liabilities, not just pension debt.
Michigan only has $44.2 billion of assets available to pay bills totaling $58.3 billion.
Because Michigan doesn't have enough money to pay its bills, it has a -$14.1 billion financial hole. To fill it, each Michigan taxpayer would have to send -$4,100 to the state.
Michigan's reported net position is understated by $1.8 billion, largely because the state delays recognizing gains resulting from decreases in retirement liabilities.
The state's financial report was released 207 days after its fiscal year end, which is considered untimely according to the 180 day standard.

IN THE NEWS
Each taxpayer’s share of the state debt: $4,100

OCTOBER 8, 2025 | MICHIGAN CAPITOL CONFIDENTIAL | by John LaPlante

Paying off the obligations the state of Michigan owes public retirees and others would require each taxpayer to surrender another $4,100 to the public treasury, according to a new report from a nonprofit that analyzes state budgets. The report also warns that Michigan’s budget could face an 8% shortfall if the federal government were to reduce its financial support of Michigan to its pre-pandemic level.

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