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re: Mississippi may eliminate state income tax
Posted on 2/24/21 at 2:39 pm to Riolobo
Posted on 2/24/21 at 2:39 pm to Riolobo
quote:
What restrictions is he lifting?
JACKSON, Miss. (WLBT) - Some of Mississippi’s pandemic-related restrictions will be lifted within the next week, Gov. Tate Reeves told reporters Tuesday. But he offered few specifics on what that might look like.
Reeves said those fully vaccinated against the coronavirus may not be subject to all of the state’s restrictions, particularly mask mandates.
WLBT
This post was edited on 2/24/21 at 3:36 pm
0
Posted on 2/24/21 at 8:10 pm to member12
Lots of Louisiana folks, myself included, live on the Mississippi Gulf Coast. We get Ms taxes and car insurance while getting a lot of Louisiana culture.
Posted on 2/24/21 at 9:10 pm to Major Dutch Schaefer
quote:
Increasing the sales tax on most goods to 9.5%
quote:
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.
State sales tax in LA is 4.45%.
Posted on 2/24/21 at 9:51 pm to member12
So how are they going to make up the lost revenue?
Posted on 2/24/21 at 9:59 pm to tgrbaitn08
quote:
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%
Still cheaper than Orleans Parish for those items.
Posted on 2/24/21 at 10:11 pm to ihometiger
What are the tax rates in Orleans compared. Honesty curious
Posted on 2/24/21 at 10:25 pm to tgrbaitn08
quote:Yep they have to get revenue to run the state government from somewhere. A case in point is Florida. They tax hell out of everything because they don't have a state income tax. The results of which are that along the Georgia Florida line there are hardly any essential retail businesses because they are all on the Georgia side because they have lower taxes on groceries, gas, alcohol, etc. and a business like that in Florida just can't compete with them. I would imagine property taxes are higher as well, but I am just speculating here. It might be a good thing Mississippi is doing when it is all said and done, but there is a downside to everything also.
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 11:12 pm to member12
quote:
Mississippi may eliminate state income tax
Yep, and they are about to eleminate sales tax on groceries, too. It is definitely becoming a more attractive place to live in retirement.
Posted on 2/24/21 at 11:22 pm to Spankum
quote:
It is definitely becoming a more attractive place to live in retirement.
What does income tax have to do with retirement? They are raising a lot of other taxes, which would actually be applicable to retirees. It’s attractive because of low cost, low crime, and good outdoors, though.
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