Stay updated with breaking news from Scott drenkard. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Do sales tax holidays stimulate spending? Here's what the research says journalistsresource.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from journalistsresource.org Daily Mail and Mail on Sunday newspapers.
Source: State statutes; Bloomberg Tax. Under House Bill 1439, in tax year 2022, the personal exemption would increase to $47,700 for single filers, $95,400 for joint filers, and $46,600 for head of family filers. This large offset, which immediately eliminates about two-thirds of all individual income tax collections, would be paid for through higher sales taxes. In each year thereafter, the exemption would increase contingent upon revenue growth. Specifically, each year, the state would determine the amount by which the prior year’s tax collections from recurring revenue sources grew above inflation compared to the year preceding it. The income tax phases out subject to revenue availability, not on a strict schedule. According to the bill sponsor, if revenue grows according to projections, the individual income tax would be phased out in its entirety after approximately 10 years, with fewer and fewer Mississippians paying individual income taxes over time. As Speaker G ....