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State income tax: Economic, business leaders hesitant on overhaul
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I know a whole bunch of Mississippi liberals and they are some of the finest people I know. They work extraordinarily hard in an extraordinarily hard political environment with an extraordinarily bloody local history, and they win more often than you might think, which is always a cause for celebration upstairs at City Grocery. Now, though, my friends have a very tough battle on their hands, because Mississippi is trying to turn itself into…Kansas. From WLBT:
“For every Mississippian who pays a state income tax, today is the day that we start down that road to eliminate that burden for you,” said Speaker Philip Gunn. This plan would be phased in over ten years, eventually eliminating the state income tax. But year one, no taxpayer would be taxed on their first $50,000 dollars of income. “Almost 60 percent of Mississippians immediately will pay no income tax,” explained Gunn.
JACKSON ⢠Michael Callahan went to bed early Monday night â so early that the CEO of Mississippiâs electrical cooperatives trade organization didnât realize an overhaul of the stateâs tax system was speeding through the House of Representatives until the next morning.
By Tuesday afternoon, House Bill 1439 had cleared the floor of the House, less than 24 hours after being filed and approved by the Ways and Means Committee with little notice.
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On Wednesday, Callahan was among the ranks of business interests, trade groups, policy advocates and Capitol watchers cramming to read a 317-page bill that could eliminate the stateâs income tax in 10 years while upping almost all sales tax rates.
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