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Started By
Message
Mississippi may eliminate state income tax
Posted on 2/24/21 at 10:13 am
Posted on 2/24/21 at 10:13 am
quote:
LINK
The legislation would eliminate the state’s personal income tax starting in 2022 for:
Individuals making up to $47,700
Couples making up to $95,400
Head-of-family individuals making up to $46,600
These exempt income levels would increase each year, assuming the state is bringing in enough revenue. That calculation would be done annually by the state Commissioner of Revenue, until the state income tax is phased out. The full phase-out could occur as soon as a decade from now, if revenue growth stays steady.
As if Texas wasn't drawing enough of Louisiana's talent.
If this passes, Louisiana would be between two states that are going dominate it economically.
ETA: Bolded the phase out wording since you guys are too lazy to read the whole paragraph.
This post was edited on 2/24/21 at 10:17 am
19
Posted on 2/24/21 at 10:14 am to member12
Ms. Gov also lifting restrictions a week from today.
Posted on 2/24/21 at 10:15 am to member12
quote:
Individuals making up to $47,700
Couples making up to $95,400
Head-of-family individuals making up to $46,600
Not one person on the OT would qualify at those incomes.
Posted on 2/24/21 at 10:15 am to MorbidTheClown
Secretly the best state in the south......
Too bad Ole Miss is there.
Too bad Ole Miss is there.
Posted on 2/24/21 at 10:15 am to member12
quote:
Individuals making up to $47,700
That’s not enough
It should be $147,700
Posted on 2/24/21 at 10:15 am to member12
Legalize medical marijuana and eliminate state income tax.
Mississippi about to have a slight boom in their economy.
Mississippi about to have a slight boom in their economy.
Posted on 2/24/21 at 10:16 am to tgrbaitn08
quote:
Not one person on the OT would qualify at those incomes.
I mean, I know people don't read the linked articles. But it explains the phase out plans in the next sentence.
Posted on 2/24/21 at 10:16 am to member12
Don’t worry. If it is a remotely positive idea that would help the state, rest assured, Mississippi will find a way to frick it up.
Posted on 2/24/21 at 10:16 am to member12
quote:
I mean, I know people don't read the linked articles. But it explains the phase out plans in the next sentence.
Fair enough
Posted on 2/24/21 at 10:16 am to tgrbaitn08
quote:
Not one person on the OT would qualify at those incomes.
They are phasing it out starting with lower income brackets.
Posted on 2/24/21 at 10:17 am to CatfishJohn
quote:
To make up for the income tax reductions, the bill proposes:
Increasing the sales tax on most goods to 9.5%, up from 7%.
Increasing liquor sales tax to 9.5%, up from 7%
Adjusting farm equipment sales tax: a 4% tax, including for equipment used for logging, up from 1.5%
Sales taxes on cars, trucks planes and mobile homes would increase to 5.5%, up from 3%
Sales taxes on manufacturing machinery would increase to 4%, up from 1.5%
Posted on 2/24/21 at 10:17 am to member12
quote:
As if Texas wasn't drawing enough of Louisiana's talent
Those numbers won't draw any "talent" except maybe Popeyes workers.
Posted on 2/24/21 at 10:18 am to NawlinsTiger9
quote:
Don’t worry. If it is a remotely positive idea that would help the state, rest assured, Mississippi will find a way to frick it up.
You're talking to primarily Louisianians. We will see your frick ups and raise you all in.
Posted on 2/24/21 at 10:18 am to member12
So this will make Olive Branch and the other nicer Memphis suburbs explode with growth. They would be on equal footing with the nicer Tennessee suburbs like Collierville or Germantown.
Posted on 2/24/21 at 10:18 am to crap4brain
quote:
Those numbers won't draw any "talent" except maybe Popeyes workers.
net win for La. ?
Posted on 2/24/21 at 10:19 am to crap4brain
quote:
Those numbers won't draw any "talent" except maybe Popeyes workers.
It's the start of a phase out approach, chief. It's even in the quote in the OP if you'd read it.
Posted on 2/24/21 at 10:19 am to tgrbaitn08
quote:
To make up for the income tax reductions, the bill proposes:
Increasing the sales tax on most goods to 9.5%, up from 7%.
Increasing liquor sales tax to 9.5%, up from 7%
Adjusting farm equipment sales tax: a 4% tax, including for equipment used for logging, up from 1.5%
Sales taxes on cars, trucks planes and mobile homes would increase to 5.5%, up from 3%
Sales taxes on manufacturing machinery would increase to 4%, up from 1.5%
Consumption taxes make way more fricking sense than income tax.
Posted on 2/24/21 at 10:21 am to CatfishJohn
quote:
Consumption taxes make way more fricking sense than income tax.
I agree.
Although it inflicts more relative pain on people that spend a larger % of their income (poor people).
Posted on 2/24/21 at 10:21 am to tgrbaitn08
quote:
Increasing the sales tax on most goods to 9.5%
I would venture to say this is near the average in Louisiana. Just goes to show you how much the politicians are stealing on top of our 6% state income tax.
Posted on 2/24/21 at 10:23 am to member12
Hmm. Might be time to get stuckinMS again.
EDIT: Never fricking mind. TFA says that they're going to start with the lower income blocks of people and then phase in higher incomes every year until the budget department says they are feeling the pain. Then they'll stop.
This is a fricking roundabout way to make the progressive tax structure even more onerous and stick high-earners footing even more of the bill than they do now.
Step 1: Make lower income people exempt from income tax
Step 2: Hit the break-even point and point to the high earners and say "Not you. You get to keep paying."
Step 3: Need more money in the future and raise taxes on the high earners while leaving the low income brackets with their exemption.
Once they have the masses used to not paying income tax, there is NO frickING WAY a politician is going to vote to impose that tax on them again at a later date.
EDIT: Never fricking mind. TFA says that they're going to start with the lower income blocks of people and then phase in higher incomes every year until the budget department says they are feeling the pain. Then they'll stop.
This is a fricking roundabout way to make the progressive tax structure even more onerous and stick high-earners footing even more of the bill than they do now.
Step 1: Make lower income people exempt from income tax
Step 2: Hit the break-even point and point to the high earners and say "Not you. You get to keep paying."
Step 3: Need more money in the future and raise taxes on the high earners while leaving the low income brackets with their exemption.
Once they have the masses used to not paying income tax, there is NO frickING WAY a politician is going to vote to impose that tax on them again at a later date.
This post was edited on 2/24/21 at 10:31 am
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