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Bourre'
New Orleans Saints Fan
Da Parish
Member since Nov 2012
14903 posts
 Online 

Bill would eliminate Mississippi state income tax. Here’s what you need to know.
Mississippi is leading the way, once again

quote:

A bill that would eventually eliminate the state’s personal income tax while adjusting state sales taxes could receive a vote in the House of Representatives as early as Tuesday afternoon.

House Bill 1439, the Mississippi Tax Freedom Act of 2021, quietly emerged Monday and was passed by the Ways and Means Committee late in the day.


quote:

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.


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%


quote:

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%


LINK


PhDoogan
LSU Fan
Member since Sep 2018
11775 posts

re: Bill would eliminate Mississippi state income tax. Here’s what you need to know.
NM.
This post was edited on 2/24 at 7:46 am


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The Boat
Duke Fan
Tim McGraw Country
Member since Oct 2008
127008 posts
 Online 

re: Bill would eliminate Mississippi state income tax. Here’s what you need to know.
I bet this will have a positive impact on the Mississippi Gulf Coast. You’ll see some wealth move into the most desirable part of the state.
This post was edited on 2/24 at 7:50 am


1BIGTigerFan
LSU Fan
100,000 posts
Member since Jan 2007
31509 posts

re: Bill would eliminate Mississippi state income tax. Here’s what you need to know.
Texas makes their revenue from property taxes. Don't see anything about the current and proposed property tax rates.


jlovel7
USA Fan
Louisiana
Member since Aug 2014
15559 posts
 Online 

re: Bill would eliminate Mississippi state income tax. Here’s what you need to know.
Congratulations on turning blue in 20 years Mississippi.

Signed Texas, Tennessee, Washington and Nevada


BayBengal9
USA Fan
Bay St. Louis, MS
Member since Nov 2019
3541 posts

re: Bill would eliminate Mississippi state income tax. Here’s what you need to know.
quote:

Congratulations on turning blue in 20 years Mississippi.


Nah, we're still redneck and backwards enough here no east or west coast libs would ever voluntarily move here.

With that being said, I love this... I'll probably pay a lot more in taxes overall, but it's the right thing to do.


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201
PUB
LSU Fan
New Orleans
Member since Sep 2017
8640 posts

re: Bill would eliminate Mississippi state income tax. Here’s what you need to know.
Greater New Orleans area already pays around 9.5% in sales taxes. Shows how corrupt and wasteful Louisiana really is to need another 6% of your income. Complete disgrace for what is starting to look like a 3rd World Country infrastructure.


ShermanTxTiger
LSU Fan
Wylie Tx
Member since Oct 2007
9427 posts

re: Bill would eliminate Mississippi state income tax. Here’s what you need to know.
Not sure this is a win for anyone.


ksayetiger
Wisconsin Fan
Centenary Gents
Member since Jul 2007
59296 posts

re: Bill would eliminate Mississippi state income tax. Here’s what you need to know.
quote:

most desirable part of the state.


isn't that stark vegas?


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60
UnclePat76
Arizona State Fan
Lakewood Illinois.
Member since Sep 2004
1300 posts

re: Bill would eliminate Mississippi state income tax. Here’s what you need to know.
quote:

Congratulations on turning blue in 20 years Mississippi. Signed Texas, Tennessee, Washington and Nevada


Add North Carolina, Arizona, South Carolina and even Utah.


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50
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Lynxrufus2012
Kentucky Fan
Member since Mar 2020
3504 posts

re: Bill would eliminate Mississippi state income tax. Here’s what you need to know.
Do Ole Miss fans get their income tax eliminated or only Mississippi State?


JJJimmyJimJames
Auburn Fan
Southern States
Member since May 2020
3505 posts

re: Bill would eliminate Mississippi state income tax. Here’s what you need to know.
quote:

I bet this will have a positive impact on the Mississippi Gulf Coast. You’ll see some wealth move into the most desirable part of the state.

I have been watching this for a while now. May try to carry my wealth there - BOTH nickels...


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pankReb
Ole Miss Fan
TSUNbNW fan
Member since Mar 2009
47967 posts

re: Bill would eliminate Mississippi state income tax. Here’s what you need to know.
How would this turn MS blue?

Also...any reason why you left Florida off your list?


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31
bayoudude
LSU Fan
Houma
Member since Dec 2007
21177 posts

re: Bill would eliminate Mississippi state income tax. Here’s what you need to know.
Don’t really like that as those making above the threshold still pay current income taxes and now also will pay higher sales taxes. I will get screwed if this passes. Lower sales taxes was a great perk coming from the houma area to south MS


DevilDogTiger
US Marine Corps Fan
RTWFY!
Member since Nov 2007
6200 posts

re: Bill would eliminate Mississippi state income tax. Here’s what you need to know.
quote:

Mississippi is leading the way, once again

TN been this way for decades


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fjlee90
LSU Fan
Baton Rouge
Member since Nov 2016
4385 posts

re: Bill would eliminate Mississippi state income tax. Here’s what you need to know.
quote:

Not sure this is a win for anyone


Big win for low income earners. Grocery tax decrease is a good thing.

Moderate win for all other income earners. Sure sales taxes go up, but sales taxes are paid at your discretion.

I’m a fan of removing the income tax. Remove the tax for producing. Shift it to tax what you are consuming. Nobody should be penalized for a hard days work.


LSUFreek
LSU Fan
Greater New Orleans
Member since Jan 2007
11730 posts

re: Bill would eliminate Mississippi state income tax. Here’s what you need to know.
So anyone with an income above $47k pays state taxes & higher sales taxes? That sucks.

Also, it'll likely attract more poors.


nastywideouts
Air Force Fan
Member since Sep 2018
915 posts

re: Bill would eliminate Mississippi state income tax. Here’s what you need to know.
quote:

Remove the tax for producing. Shift it to tax what you are consuming. Nobody should be penalized for a hard days work.


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40
pankReb
Ole Miss Fan
TSUNbNW fan
Member since Mar 2009
47967 posts

re: Bill would eliminate Mississippi state income tax. Here’s what you need to know.
quote:


Don’t really like that as those making above the threshold still pay current income taxes and now also will pay higher sales taxes. I will get screwed if this passes. Lower sales taxes was a great perk coming from the houma area to south MS



I can't speak for certain but usually threshold-based taxes only tax you on the money you make ABOVE that threshold.

And unless you're purchases vehicles or farm equipment I don't see how it would "kill you". If what I'm assuming is correct, you'll save over $1700 a year on state income tax on that $47700.

Also grocery tax will steadily go down so you'll save money there.


pankReb
Ole Miss Fan
TSUNbNW fan
Member since Mar 2009
47967 posts

re: Bill would eliminate Mississippi state income tax. Here’s what you need to know.
quote:


Also, it'll likely attract more poors.



Poor people typically can't afford to move so I don't see that happening.


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