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Reeves seeks $382M in tax cuts for companies and individuals

RICHLAND

Lt. Gov. Tate Reeves

Lt. Gov. Tate Reeves

— 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.

 

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