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Mississippi trying to eliminate state income tax
Posted on 3/25/21 at 6:59 am
Posted on 3/25/21 at 6:59 am
LINK
While I’m not sure they’ll get this across the finish line this year or not, it will come to be sooner rather than later.
Combine that with TX having eliminated their state income tax a long while back, and LA needs to put it in gear for reasons of being competitive for Biz & Industry. IE, jobs.
While I’m not sure they’ll get this across the finish line this year or not, it will come to be sooner rather than later.
Combine that with TX having eliminated their state income tax a long while back, and LA needs to put it in gear for reasons of being competitive for Biz & Industry. IE, jobs.
7
Posted on 3/25/21 at 7:01 am to Kreg Jennings
It could be a trap...….you can expect the state to make more money on sales type taxes so expect your gas prices to go WAY up and expect sales tax increases.....MS baws will lose in the end.
Posted on 3/25/21 at 7:02 am to Kreg Jennings
Property taxes will go up by a lot
Posted on 3/25/21 at 7:06 am to jlc05
quote:
Property taxes will go up by a lot
Why would property taxes go way up? Do you understand the difference between state and local revenues? Obviously not.
Posted on 3/25/21 at 7:16 am to oilattorney4lsu
quote:
Why would property taxes go way up? Do you understand the difference between state and local revenues? Obviously not.
Not sure why this was downvoted... All of our property taxes go to the county or municipality government... that's why it's so much cheaper when you live in an unincorporated area.
I'm fine with an increase in sales tax to make up for eliminating the income tax. It's the right thing to do regardless of how I may be personally financially affected by it.
Posted on 3/25/21 at 7:58 am to Kreg Jennings
LA was the only state to lose jobs during Trump's presidency. Good job, jbe voters.
At least we lag behind MS in the Fatfrick Index. You have to take the little victories when your voters are this dumb.
At least we lag behind MS in the Fatfrick Index. You have to take the little victories when your voters are this dumb.
Posted on 3/25/21 at 8:15 am to Wtodd
quote:
It could be a trap...….you can expect the state to make more money on sales type taxes so expect your gas prices to go WAY up and expect sales tax increases.....MS baws will lose in the end.
Consumption taxes should be favored over income taxes (a.k.a. government theft) at all junctures. There is choice in consumption taxes and ways to mindfully reduce your tax burden instead of government demanding a portion of your income.
Posted on 3/25/21 at 8:20 am to BayBengal9
quote:
All of our property taxes go to the county or municipality government... that's why it's so much cheaper when you live in an unincorporated area.
I'm fine with an increase in sales tax to make up for eliminating the income tax. It's the right thing to do regardless of how I may be personally financially affected by it.
You honestly don't need to offset with an increase in state sales taxes. Just follow more the TX model of local government funding more things, rather than the Louisiana model where all the local politicians whore themselves out to Baton Rouge for funding.
It might mean a bit more increase in property taxes, but at least if that remains local, you can attend local school board and city/county council meetings, and you would visually see the fruits of that tax revenue in your local communities.
When Bobby Jindal wanted a "look at me" skin on the wall for his eventual failed Presidential run, he through together a plan to eliminate the LA State Income tax by lazily offsetting with a significant increase in state sales taxes. There was no real fiscal model change, so it was still going to be the same result. The State Government taking in the revenues so that they can buy the votes of communities and their local leaders with funding for schools, city halls, ballparks, community centers, police force, etc.
Posted on 3/25/21 at 8:21 am to Wtodd
quote:
could be a trap...….you can expect the state to make more money on sales type taxes so expect your gas prices to go WAY up and expect sales tax increases.....MS baws will lose in the end.
Most fair system. Then everyone pays for use of resources, not just working people.
Posted on 3/25/21 at 8:26 am to Wtodd
quote:
sales type taxes so expect your gas prices to go WAY up
Let's be honest. I know conservatives/libertarians are more anti-new/higher taxes, and as a result the attempt during multiple past legislative sessions to increase the gasoline tax in Louisiana has been killed each time.
But with the more fuel efficient vehicles coupled with increased material and labor costs, the current gasoline tax in Louisiana cannot come close to keeping up with the need for road repairs/construction.
That's probably one tax that does need to be increased, and at the end of the day, if 10 years ago you were driving say...a GMC Sierra that was getting only 15 miles to the gallon and now driving the same model but newer, getting 19-20 a gallon, you're actually paying less in state taxes at the pump right now than a decade ago.
This post was edited on 3/25/21 at 8:27 am
Posted on 3/25/21 at 8:33 am to Kreg Jennings
I think that ship has sailed for this year anyway. But, I haven't followed what they are doing as closely as I normally do.
Posted on 3/25/21 at 8:49 am to Wtodd
Sales tax in Mississippi: 7%
Sales tax in Texas: 6.25%
Gas avg in Mississippi, today: $2.607
Gas avg in Texas, today: $2.626
Average state income tax rate Mississippi: 3% to 5%
Average state income tax in Texas: 0%
Average property tax in Mississippi: 0.81% on median value of $119,000
Average property tax in Texas: 1.8% on median value of $172,500
Average household income in Mississippi: $65,641
Average household income in Texas: $98,362.04
Corporate tax rates? Mississippi: 3% to 5%. In Texas, businesses with $1.18 million to $10 million in annual receipts pay a franchise tax of 0.575%. Businesses with receipts less than $1.18 million pay no franchise tax. The maximum franchise tax in Texas is 1%.
Doesn't take a big brain to figure out they'll have to raise property taxes. Mississippi makes an average of $2625.64 per household in state income tax. Eliminate that and raise property tax rates 1% and will make up an avg of $1,190 of that per household. Get tax assessments up by telling the assessors to track national trends and then home prices rise and taxes follow.
If Mississippi needs reform, it's in its business tax policy. It is anti-business. Need to lower those business taxes like Texas and make it on receipts. Then, a business is planning to succeed instead of planning to not show a profit.
Sales tax in Texas: 6.25%
Gas avg in Mississippi, today: $2.607
Gas avg in Texas, today: $2.626
Average state income tax rate Mississippi: 3% to 5%
Average state income tax in Texas: 0%
Average property tax in Mississippi: 0.81% on median value of $119,000
Average property tax in Texas: 1.8% on median value of $172,500
Average household income in Mississippi: $65,641
Average household income in Texas: $98,362.04
Corporate tax rates? Mississippi: 3% to 5%. In Texas, businesses with $1.18 million to $10 million in annual receipts pay a franchise tax of 0.575%. Businesses with receipts less than $1.18 million pay no franchise tax. The maximum franchise tax in Texas is 1%.
Doesn't take a big brain to figure out they'll have to raise property taxes. Mississippi makes an average of $2625.64 per household in state income tax. Eliminate that and raise property tax rates 1% and will make up an avg of $1,190 of that per household. Get tax assessments up by telling the assessors to track national trends and then home prices rise and taxes follow.
If Mississippi needs reform, it's in its business tax policy. It is anti-business. Need to lower those business taxes like Texas and make it on receipts. Then, a business is planning to succeed instead of planning to not show a profit.
Posted on 3/25/21 at 9:19 am to Wtodd
But it also spreads taxes across everyone in the state instead of just taxing people with jobs
Posted on 3/25/21 at 9:36 am to oilattorney4lsu
quote:
Why would property taxes go way up? Do you understand the difference between state and local revenues? Obviously not.
L
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Posted on 3/25/21 at 10:46 am to Kreg Jennings
Yes, we don't have a state income tax here in Texas but try owning a little bit of land. I have 5 acres in Texas and pay almost 800 dollars a year per acre in property taxes.
Posted on 3/25/21 at 10:49 am to RolltidePA
quote:
Consumption taxes should be favored over income taxes (a.k.a. government theft) at all junctures. There is choice in consumption taxes and ways to mindfully reduce your tax burden instead of government demanding a portion of your income.
So frick the poors right?
Sales taxes are the most regressive form of taxation; albeit much easier to administer and collect and enforce by the governing entity.
Posted on 3/25/21 at 10:53 am to TenWheelsForJesus
Louisiana: "We're first at being last!"
Posted on 3/25/21 at 10:55 am to jclem11
quote:Do EBT kingz-n-queenz pay tax on groceries?
So frick the poors right?
Many times, the answer is no. So the food is free (thanks to me) and they aren't paying taxes on it anyway (also thanks to me).
In no other country are people expected to be given more for doing less, so my heart does not bleed for them.
Posted on 3/25/21 at 10:57 am to jclem11
It’s worst than that it’s the lottery money. They made a shite ton last year on that lottery. My number may be wrong by it was around 90M profit.
So I I may be wrong and that money may be appropriated for something else. But that’s a pretty good chunk of cash injection.
So I I may be wrong and that money may be appropriated for something else. But that’s a pretty good chunk of cash injection.
Posted on 3/25/21 at 10:59 am to Wtodd
quote:
It could be a trap...….you can expect the state to make more money on sales type taxes so expect your gas prices to go WAY up and expect sales tax increases.....MS baws will lose in the end.
My favorite part of your post was how confident you were. Dumb people typically are
Tennessee (No state income tax) vs Mississippi:
This post was edited on 3/25/21 at 11:04 am
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