Income tax

Governor Phil Bryant reveals plan to eliminate income tax

Governor Phil Bryant reveals plan to eliminate income tax



16 WAPT’S KEEGAN FOXX LOOKS AT THE NUMBERS. GOVERNOR TATE REEVES IS DEPLOYING WHAT HE CALLS A BOLD PROPOSAL THAT WOULD COMPLETELY ELIMINATE INCOME TAX IN THE STATE – AND, HE SAYS, WILL FINALLY PUT MORE MONEY IN PEOPLE’S POCKETS. THE GOVERNOR SAID UNDER HIS PLAN – MISSISSIPPIANS WILL GET A 30 PERCENT REDUCTION OF ANY MAINTENANCE TAX THAT IS WITHHOLDED FROM YOUR SALARY CHECK. IT’S AN EIGHT-YEAR PROPOSAL THAT WORKS LIKE THIS: THE STATE WOULD CREATE A 3-POINT 5% FIXED TAX IN THE FIRST YEAR OF THE PLAN – WHICH, BY AFTERNOON, WOULD RESULT IN A TAX CUT MORE THAN FIVE HUNDRED MILLION DOLLARS NEXT YEAR. REEVES’ PLAN THEN CALLS FOR A CUT OF THE TAX RATE BY HALF A PERCENTAGE POINT PER YEAR FOR SEVEN YEARS – WHICH THE GOVERNOR SAYS WILL RESULT IN THE COMPLETE ELIMINATION OF INCOME TAX. THURSDAY’S PROPOSAL COMING JUST A DAY AFTER HOUSE SPEAKER PHILIP GUNN PROPOSED A PLAN THAT WOULD ELIMINATE PERSONAL INCOME TAX OVER THE NEXT 18 YEARS – CUT A HUNDRED MILLION DOLLS EVERY YEAR R. THINK IT’S A LOT OF MONEY AND IT’S A LOT OF MONEY TO RETURN TO TAXPAYERS. BUT ON A FORWARD-LOOKING BASIS, IT’S ONE AND A HALF PERCENT OF OUR BUDGET ON A DOLLAR IT’S A PENNY AND A HALF. HE SUSPEND STATE GASOLINE TAX FOR SIX MONTHS – CUT GROCERY TAX FROM 7% TO 5% AND GIVE TAXPAYERS A THOUSAND DOLLAR REBATE THIS YEAR R. THERE ARE ONLY THREE D

Governor Phil Bryant reveals plan to eliminate income tax

Gov. Phil Bryant has revealed a plan that would eliminate income tax in Mississippi in eight years and give Mississippians a 30% reduction in any detention tax taken from their paycheck in the first year.

Gov. Phil Bryant has revealed a plan that would eliminate income tax in Mississippi in eight years and give Mississippians a 30% reduction in any detention tax taken from their paycheck in the first year.