Legislative
Mississippi lawmakers pass largest-ever state income tax cut
Mississippi has passed the largest-ever state income tax cut passed by lawmakers.
According to ABC News, the state House and Senate voted to pass a bill that would reduce the state income tax over four years starting in 2023. The bill will go to Governor Tate Reeves (R-MS), who has indicated that he will sign the bill into law. Supporters say this significant tax cut will trigger economic growth and attract new residents to Mississippi.
Republican Senate Finance Committee Chairman Josh Harkin said, “This affects every Mississippian that gets up and goes to work.” Republican House Speaker Philip Gunn said, “This tax cut will make Mississippi one of the most work-friendly states in the nation.”
Opponents say reducing the income tax leaves less money for schools, health care, roads, and other services. Some opponents fear this will hurt the poor and working class.
Senator David Jordan, a Democrat, was concerned legislators couldn’t pay for government services with this tax cut. Mississippi’s income tax accounts for 34% of state revenue. While the wealthy will see the greatest financial boost, the poor will likely not see a change.
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