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State Sen. Gretchen Whitmer, D-East Lansing, speaks during a rally against Gov. Rick Snyder's proposed tax on retirement income Tuesday, March 15, 2011, outside the Michigan Capitol in Lansing, Mich. (AP Photo/Al Goldis)

LANSING, Mich. (AP) — Michigan no longer would boast the nation’s most generous tax breaks for seniors if a compromise plan to tax retirement income announced Tuesday becomes law.

Republican Gov. Rick Snyder had wanted to tax all retirement income the same as normal income to raise $900 million to help pay for a sweeping business tax cut, but many lawmakers balked after seniors made their displeasure clear. The compromise reached with Republican lawmakers would exempt seniors over age 66 from the tax.

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