Fox News’ Brittany De Lea reports that Mississippi’s Governor Tate Reeves has proposed a phase-out of the state’s income tax to make it more competitive. She writes:
Mississippi may soon join the handful of U.S. states without income taxes if Gov. Tate Reeves gets his way.
This week, the Republican governor released a budget recommendation that proposed eliminating Mississippi’s income tax within the next decade in a bid to attract more residents.
“Right now, the global economy is chaotic,” Reeves wrote in a Facebook post. “We have the chance to attract investment and high-paying jobs. We need to produce more products here, and grow our population. We need to make a bold move to capitalize on the growth possibilities.”
Currently, Mississippi has a graduated income tax structure that ranges from 0% on the first $2,000 of taxable income to 5% on taxable income over $10,000.
Reeves said that a Mississippi resident who earns $40,000 in taxable income would save about $2,000 if the state income tax is eliminated.
Residents would still have federal income tax obligations.
Currently several states, including Florida, Texas, Alaska, Washington, Wyoming, Nevada and South Dakota, don’t have an income tax. New Hampshire and Tennessee don’t either, but they tax dividends and interest.
“This should be the starting point for any tax discussion in the legislature this year: cutting taxes, not raising them,” Reeves wrote on Facebook.
Read more here.
For information on the taxes levied by all 50 states, click here to see the Richardcyoung.com Liberty & Freedom map.