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Message
re: Mississippi may eliminate state income tax
Posted on 2/24/21 at 10:23 am to Major Dutch Schaefer
Posted on 2/24/21 at 10:23 am to Major Dutch Schaefer
quote:
I would venture to say this is near the average in Louisiana
In total yes. But a portion of that 9%-9.5% sales tax on most item is going to local governments (in Louisiana). If they couldn't do that, they'd raise property taxes to cover the gap.
Something that would piss off a lot of people.
This post was edited on 2/24/21 at 10:24 am
0
Posted on 2/24/21 at 10:25 am to member12
Wonder if they’re not going to tax the first 47k of income for people making more?
Posted on 2/24/21 at 10:26 am to member12
With the increase in sales taxes and reduction in grocery sales taxes will the average income person in Mississippi come out ahead or just break even? Are people actually going to pay more or less in total taxes?
How would Mississippi make up the lost tax revenue?
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%
What happens to the grocery tax in Mississippi?
But it would also include a reduction in the state’s grocery tax:
Food would be taxed at 4.5% through June 2024, down from 7% now
Those taxes would be further reduced to 4% through June 2026
After that, the grocery sales taxes would stand at 3.5%
How would Mississippi make up the lost tax revenue?
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%
What happens to the grocery tax in Mississippi?
But it would also include a reduction in the state’s grocery tax:
Food would be taxed at 4.5% through June 2024, down from 7% now
Those taxes would be further reduced to 4% through June 2026
After that, the grocery sales taxes would stand at 3.5%
Posted on 2/24/21 at 10:49 am to member12
quote:
As if Texas wasn't drawing enough of Louisiana's talent.
Does anyone really move out of Louisiana because of taxes? I’ve never heard anyone say they are moving because taxes are too high. Property taxes in Texas are crazy high, but people keep moving there and buying property.
Most people who move tell me it’s because of low wages, crime, traffic issues, etc. Nothing about taxes.
Posted on 2/24/21 at 10:52 am to Suntiger
quote:
Does anyone really move out of Louisiana because of taxes?
Yes, why wouldn't you? Lower taxes, higher wages.
quote:
Property taxes in Texas are crazy high,
They're higher than average, but Louisiana has property tax too. Tax Institute provides metric of total tax liabilities by state (combines income, sales, property, etc taxes) and Louisiana is one if not the highest conservative states. Texas is much, much lower in average total tax burden.
Posted on 2/24/21 at 10:54 am to member12
quote:
Head-of-family individuals making up to $46,600
This has to be a typo. It should be much higher than individuals.
ETA: it's not a typo. I found out why. Dependent exemptions.
This post was edited on 2/24/21 at 10:58 am
Posted on 2/24/21 at 10:59 am to member12
Texas doesn't dominate Louisiana because of the State income tax.
Posted on 2/24/21 at 11:14 am to member12
Yes. Oxford is such a shite hole.
Posted on 2/24/21 at 11:16 am to MorbidTheClown
Tell us more about the restrictions being lifted
Posted on 2/24/21 at 11:20 am to MorbidTheClown
quote:
Ms. Gov also lifting restrictions a week from today.
What restrictions is he lifting?
Posted on 2/24/21 at 11:25 am to Suntiger
quote:
Does anyone really move out of Louisiana because of taxes? I’ve never heard anyone say they are moving because taxes are too high. Property taxes in Texas are crazy high, but people keep moving there and buying property.
Most people who move tell me it’s because of low wages, crime, traffic issues, etc. Nothing about taxes.
They move there for jobs and career advancement, not crime or traffic.
And tax policy is a big part of why Texas is dominating other states economically - even pulling F500 companies from California and New York. Texas has been able to build off the energy industry and branch into many other sectors. It has invested in itself without needing crazy personal or corporate tax policies that are dragging down places like Illinois, New York, and California.
Tennessee is on the right path also.
I hope Mississippi can do the same. They have a good shot. Already ahead of Louisiana in many ways.
This post was edited on 2/24/21 at 11:30 am
Posted on 2/24/21 at 11:38 am to Suntiger
quote:
Does anyone really move out of Louisiana because of taxes?
High earners do. There's a reason PE firms, hedge funds, etc. are rapidly moving away from New York to Texas, Tennessee, and Florida.
And high earners raise property value, improve schools, etc. just by being rich and living there. They also bring their consumption habits with them.
Posted on 2/24/21 at 11:45 am to TigerstuckinMS
quote:
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.
Absolutely. This is probably yet another in a long line of the GOP getting snookered. The phase-out is never going to happen. Even if revenues stay sufficient, the Dems have no intention on ever letting the middle class (whom they decry as "the wealthy") not have their money redistributed. It's amazing how stupid the Republican Party is nationwide.
Posted on 2/24/21 at 12:36 pm to Suntiger
quote:
Property taxes in Texas are crazy high, but people keep moving there and buying property.
My property tax doesn't rise when we earn more income.
Posted on 2/24/21 at 12:46 pm to member12
Eliminating taxes makes it less lucrative to be able to pick winners and losers.
Posted on 2/24/21 at 1:21 pm to member12
I’m moving
Posted on 2/24/21 at 1:45 pm to member12
Mississippi WILL eliminate its state income tax. Then Louisiana will really be a shithole.
Posted on 2/24/21 at 1:46 pm to Vote4MikeAck504
quote:
Mississippi WILL eliminate its state income tax. Then Louisiana will really be a shithole.
Mississippi already eliminated taxes on retirement income a long time ago. IMO the Mississippi gulf coast is a solid place to spend your golden years.
Posted on 2/24/21 at 2:31 pm to member12
quote:
Individuals making up to $47,700
Couples making up to $95,400
So basically anyone with a college degree is out
Posted on 2/24/21 at 2:33 pm to TheAlmightySmash
quote:
So basically anyone with a college degree is out
It's a phase out to smooth revenue from income tax to other measures. Makes perfect sense.
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