Retirees in Michigan currently receive a tax exemption on public pensions and up to $45,120 for each individual from private pensions, 401(k)s and IRAs.&nbsp; Governor Snyder's budget proposal recommends imposing taxes on these pensions beginning in October to help offset a $1.7 billion cut in business taxes.&nbsp; But Senate Republicans have come up with an alternate proposal that would eliminate the need to tax pensions and, instead, raise the money in other ways.&nbsp; Read the full story at:&nbsp; <a href="http://www.lansingstatejournal.com/article/20110326/NEWS04/103260322/Senate-GOP-offers-alternative-Michigan-tax-plan?odyssey=tab|mostpopular|text|FRONTPAGE">www.lansingstatejournal.com/article/20110326/NEWS04/103260322/Senate-GOP-offers-alternative-Michigan-tax-plan</a><br />