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member12
Marquette Fan
Bob's Country Bunker
Member since May 2008
26930 posts

Mississippi may eliminate state income tax
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 at 10:17 am


MorbidTheClown
LSU Fan
Baton Rouge
Member since Jan 2015
43281 posts

re: Mississippi may eliminate state income tax
Ms. Gov also lifting restrictions a week from today.


tgrbaitn08
US Space Force Fan
Member since Dec 2007
115711 posts

re: Mississippi may eliminate state income tax
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.


member12
Marquette Fan
Bob's Country Bunker
Member since May 2008
26930 posts

re: Mississippi may eliminate state income tax
Secretly the best state in the south......

Too bad Ole Miss is there.


Travis Scott
Houston Astros Fan
McDonald’s
Member since Jan 2021
689 posts

re: Mississippi may eliminate state income tax
quote:

Individuals making up to $47,700


That’s not enough

It should be $147,700


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280
CatfishJohn
LSU Fan
Member since Jun 2020
3742 posts

re: Mississippi may eliminate state income tax
Legalize medical marijuana and eliminate state income tax.

Mississippi about to have a slight boom in their economy.


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431
member12
Marquette Fan
Bob's Country Bunker
Member since May 2008
26930 posts

re: Mississippi may eliminate state income tax
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.


NawlinsTiger9
New Orleans Saints Fan
Where the mongooses roam
Member since Jan 2009
30820 posts

re: Mississippi may eliminate state income tax
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.



tgrbaitn08
US Space Force Fan
Member since Dec 2007
115711 posts

re: Mississippi may eliminate state income tax
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


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50
CatfishJohn
LSU Fan
Member since Jun 2020
3742 posts

re: Mississippi may eliminate state income tax
quote:

Not one person on the OT would qualify at those incomes.



They are phasing it out starting with lower income brackets.



tgrbaitn08
US Space Force Fan
Member since Dec 2007
115711 posts

re: Mississippi may eliminate state income tax
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%


crap4brain
LSU Fan
Louisiana
Member since Sep 2004
1897 posts

re: Mississippi may eliminate state income tax
quote:

As if Texas wasn't drawing enough of Louisiana's talent


Those numbers won't draw any "talent" except maybe Popeyes workers.


CatfishJohn
LSU Fan
Member since Jun 2020
3742 posts

re: Mississippi may eliminate state income tax
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.



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390
dewster
LSU Fan
Chicago
Member since Aug 2006
19588 posts

re: Mississippi may eliminate state income tax
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.


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131
MorbidTheClown
LSU Fan
Baton Rouge
Member since Jan 2015
43281 posts

re: Mississippi may eliminate state income tax
quote:


Those numbers won't draw any "talent" except maybe Popeyes workers.

net win for La. ?


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70
dewster
LSU Fan
Chicago
Member since Aug 2006
19588 posts

re: Mississippi may eliminate state income tax
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.


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11
CatfishJohn
LSU Fan
Member since Jun 2020
3742 posts

re: Mississippi may eliminate state income tax
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.



dewster
LSU Fan
Chicago
Member since Aug 2006
19588 posts

re: Mississippi may eliminate state income tax
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).


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92
WPBTiger
USA Fan
Parts Unknown
Member since Nov 2011
22037 posts

re: Mississippi may eliminate state income tax
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.


TigerstuckinMS
LSU Fan
Member since Nov 2005
30148 posts

re: Mississippi may eliminate state income tax
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.
This post was edited on 2/24 at 10:31 am


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