Lieutenant Governor Delbert Hosemann and Speaker of the House Philip Gunn issued the following statements.
Lieutenant Governor Hosemann
“Moving to a flat four percent income tax puts more than $500 million in recurring dollars back in taxpayers’ pockets and makes Mississippi one of the most competitive in the nation in terms of income tax rates. This tax cut is the largest in Mississippi’s history. It is also responsible. Our constituents expect us to fund core government services in infrastructure, education, healthcare, and other areas. Our budget experts have assured us we can continue to do this and significantly ease the tax burden on hard-working Mississippians.”
Speaker of the House Phillip Gunn
– With signage of a Conference Report by House and Senate Conferees, a deal has been
reached on The Mississippi Tax Freedom Act of 2022 and the elimination of the state personal income
tax. The agreement reached is one that both chambers feel confident will lead to further economic
prosperity for the people of Mississippi.
Here are some key points of the plan:
• This will be the largest tax cut in Mississippi history - $525 Million per year by 2026.
• By 2023, Mississippi will allow filers to exempt more income from taxation than any other state
with a personal income tax.
• By 2026, Mississippi will have the 5th-best marginal tax rate of any state with a personal income
tax.
• The legislation calls for the plan to be examined by 2026 to determine the most rapid and prudent
next steps to continue on the path to total personal income tax elimination.
• Effective tax year 2023, the 4% bracket is eliminated. Single filers earn the first $18,300 income
tax-free, with married filers earning the first $36,600 income tax-free.
• The 5% bracket drops to 4.7% for 2024, 4.4% for 2025, and 4.0% for 2026.
• A single filer taking the standard deduction and earning $40,000 saves $417 per year. A married
couple taking the standard deduction and earning $80,000 saves $834 per year.
26 comments:
Kelly's Heroes! Excellent! Well played!
Eliminates the 4% tax bracket by 2023
Single income taxpayers do not pay taxes on first $18,300 of income
Married filers do not pay taxes on first $36,600 of income
5% bracket cut to 4.7% by 2024, 4.4% by 2025 and 4.0% by 2026
Provides tax relief of $525 million per year by 2026
The plan does not raise any additional taxes and will not cut the grocery tax or car tag fees like prior proposals set forth.
They should have never blown smoke up our asses about cutting the sale tax on groceries if they weren't going to do it. Lots of folks gonna be pissed off and these politicians gonna have some splainin to do.
Get ready for property tax increases plebes...you must render unto Ceasar what is his.
They've never accomplished a positive thing in two decades, why would you believe them now? You heard it here.
I think you mean Head Count. The plebes included the Knights and the Commercial Class
It is actually a tax increase. Every penny of the $500 million will be increased on other taxes that will be paid by other groups of people like farmers, small businesses, and so on.
Why should we offer tax breaks to “non tax paying citizens of Mississippi” who contribute virtually nothing for the benefit of our state. I say, encourage them to move to states who “promote” the acceptance of the freeloaders. By the way, we already are the poorest state in the union, and will be until Puerto Rico becomes a state.
Not a word about the governor who I hope vetoes it. Just because he can.
1) Gunn thought his plan would help him in his run for governor. This won't.
2) Hose thought his plan would help him in his run for governor. This won't.
3) Tate thought his plan would help him remain governor. His veto will.
@6:14
Or you could move to a wealthier state...you're free to do that you know and it sounds like you would be much happier.
Attn 6:35Apparently you are one of the non paying tax citizens in the great state of Mississippi. Why not move? The state doesn’t need or want you! Try California or New York, if you can speak the languages in those states.
They should have done something to help working-class people - cut or eliminate grocery taxes & cut the car registration-tag fees by 30% to 50%. Those affect our pocketbooks every day.
Attn 6:56. Grocery taxes and car registration taxes are the fairest taxes in Mississippi. These are equally assessed taxes. If you can not afford them, don’t buy a car or groceries. By the way, there are states that don’t charge grocery taxes, please feel free to look at them.
@519, you have tried tgat dribble before. A couple of times. Evidently you are too dumb to read. Or at least to understand what you read.
Income taxes are part of the STATE budget. Real estate taxes are part of CITY and COUNTY budgets.
Cutting the STATE income tax will not affect the CITY or COUNTY budgets, so there would be no reason for those taxes to be increased
Got it? Or do you just like the dribble as it comes out of your mouth and dribbles off your chin?
All 11 people following Mississippi politics say...not much.
We will continue to have pot holes, and a gaping hole in our pension system, and ignorant, unhealthy citizens. What changes after this?
Grocery taxes should be raised to 20% on all the crap that contributes to obesity.
Not sure that this actually reduces the income to the state. If it does, then I predict the state will be in a financial bind in the not to distant future. Their eyes are glazed over by this "surplus". To paraphrase Patton - all surplus is fleeting.
@5:19 PM is correct. When that "free" money from WDC runs out the counties will be fixin' to raised property taxes to make up for the lost revenue.
@9:18 PM - right on! Raise taxes on junk food if there is obvious morbid obesity. Make 'em eat fruit or vegetables, not Twinkies!
Here's and idea....Eliminate the state income tax altogether and follow other states by raising the fuel tax. With this we at least know that everyone buying gas is paying the tax. That includes cash businesses like drug dealers, freeloaders, and hustlers. It would also include all trucks and cars passing through our state.
Grocery taxes should be raised to 20% on all the crap that contributes to obesity. March 26, 2022 at 9:18 PM
Well 9:18, let me see if I can help you with that. The demographic largely responsible for Mississippi's obesity ranking also occupies the largest demographic segment of the SNAP pie chart in Mississippi. Get ready for it: They do not pay grocery taxes!
So, here's what you suggestion: One boy in the classroom has been throwing spitballs. Take all the boys into the hall and paddle them.
6:27
Apparently you don’t pay attention! The Gov has been vocal about eliminating the income tax. Much of the language in the bill is from him !!
Libs lost. That's all that matters. Libs wanted no cut at all.
This is just awful. It has no real effect on a family's bottom line. Yay, we saved $200, so let's all celebrate how great the legislature is. This is a complete failure and embarrassment.
9:26 - What will you do with 4 bucks a week? One gallon of gas. Twenty miles. Enjoy.
The big loser here is Delbert Hosemann who wanted to go on a spending spree.
Starve the beast.
Why did the pass this? It does nothing for a family's monthly budget. Just issue a press release and say we will continue to work to eliminate Mississippi's income tax, but we regret to inform you that we couldn't get it done this year. This pretending to have accomplished something garbage needs to end.
Not so bold predictions: The state income tax never gets eliminated. The state never gets out of the liquor business. "conservative" legislators will continue to shout from the rooftops about how conservative they are, yet will never enact "conservative" legislation.
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