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Reeves proposes more income tax cuts, bumping total to $550M

Tate Reeves

Tate Reeves

JACKSON — Lt. Gov. Tate Reeves says he wants to cut income taxes by a larger amount than he has previously proposed.

The Republican says Monday he wants to increase the size of his tax cut to $550 million over 15 years. That would include $300 million in income tax cuts, eliminating the first $350 of income tax liability for individual and corporate taxpayers.

Reeves would keep his plan to phase out Mississippi’s $242 million corporate franchise tax.

The Senate Finance Committee was expected to vote on the plan later Monday.

The announcement comes as the House and Senate prepare for final talks over any possible tax cut. House leaders have proposed phasing out the $1.7 billion that Mississippi collects from personal income taxes over 15 years or longer, depending on revenues.

 

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