Mississippi governor intent on income tax cut even if states receive ...

3 days ago · JACKSON, Miss. (AP) — Mississippi Republican Gov. Tate Reeves said Wednesday that he will continue pushing lawmakers to phase out the state income tax, even with the possibility of federal spending cuts that could affect states after Donald Trump begins his …

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Mississippi Governor Intent On Income Tax Cut Even If States Receive ...

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3 days ago · The individual income tax is expected to generate about $2.1 billion for the state this year, behind an expected $2.9 billion from the sales tax, according to the budget office. …

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Will Mississippi State Income Tax be phased out after Trump's second term?

JACKSON, Miss. (AP) — Mississippi Republican Gov. Tate Reeves said Wednesday that he will continue pushing lawmakers to phase out the state income tax, even with the possibility of federal spending cuts that could affect states after Donald Trump begins his second term as president. ...

How much money will Mississippi's income tax generate this year?

The individual income tax is expected to generate about $2.1 billion for the state this year, behind an expected $2.9 billion from the sales tax, according to the budget office. Mississippi is already in the process of reducing its personal income tax under a law Reeves signed in 2022. The state will lower its top rate to 4% in two years. ...

Will Mississippi reduce its income tax?

The state will lower its top rate to 4% in two years. In July, Republican Gov. Sarah Huckabee Sanders of Arkansas signed legislation that will reduce her state’s income tax to 3.9%. Reeves has long said that Mississippi should eventually eliminate its income tax to compete with Florida, Tennessee and Texas, which don’t levy the tax. ...

Will Mississippi reduce its income tax in 2022?

Mississippi is already in the process of reducing its personal income tax under a law Reeves signed in 2022. The state will lower its top rate to 4% in two years. Reeves has long said Mississippi should eventually eliminate its income tax to compete with Florida, Tennessee and Texas, which don’t levy the tax. ...

Could Mississippi enact a 'transformational' phase-out of income tax?

House Ways and Means Committee Committee Chairman Trey Lamar, a Republican from Senatobia, said Mississippi could grab attention by enacting a “transformational” phase-out of the income tax. “That money belongs to the taxpayers of the state of Mississippi,” Lamar said. ...

What is Mississippi's Tax Cut plan?

READ MORE: Another day, another tax cut proposal in Mississippi Legislature The plan would immediately eliminate the 4% tax bracket starting in 2023 at a cost of about $185 million to the state budget and then over the next three years step down the remaining tax bracket from 5% to 4%. ...