— Mississippi Lt. Gov. Tate Reeves is proposing to phase in $382 million in tax cuts over 10 years, in an election-year move aimed at both businesses and individuals.
He made his proposal Tuesday at a Richland industrial firm, winning a quick endorsement from Gov. Phil Bryant, a fellow Republican.
Reeves wants to repeal Mississippi’s $242 million-a-year franchise tax on businesses over 10 years, saying it’s a drag on business growth. He would also increase the income tax exemption over five years, giving $150 a year back to most people who pay state income tax, granting an estimated $131 million in tax relief.
Finally, he’d increase tax exemptions for self-employed people, worth $9 million over three years.
Some education advocates say school funding, rather than tax cuts, should be Mississippi’s priority.
BEFORE YOU GO…
… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.
If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.Click for more info