Biggest tax cut in Mississippi history signed into law by Governor – FOX13 News Memphis

0

MISSISSIPPI — Governor Tate Reeves signed into law the largest tax cut in state history on Tuesday. Lawmakers fought it all session.

Mississippians had mixed reactions to the tax cut.

“I think it was about time. Either way, we get charged enough in taxes. We don’t get enough in return,” said Kenneth Carpenter of Byhalia.

That’s the attitude many shared with us, but two women who didn’t want to be on camera told me they were worried about cuts to government programs because of tax cuts.

Legislative leaders said the phased reduction in state income taxes, along with federal pandemic relief money, would leave programs more than adequately funded.

They said the new law allows lawmakers to keep tabs on funding as the tax rate goes down. Byhalia’s Ross Dowell doesn’t know what to make of it.

“Well, sure, that would be fine as long as it didn’t hurt another area,” he said.

Here’s how the tax cut will work. The 4% tax bracket would be abolished from 2023.

For the following three years, the 5% portion would be reduced to 4%.

So what does this mean for the average person? Heads of state said a single person earning $40,000 a year would save $417 a year. A couple earning $80,000 a year would pocket an extra $834 a year.

Several people FOX13 spoke to said they would appreciate the extra money in their pockets.

“That’s what I think. Of course, I’m not everyone. I’m just me,” Kenneth Carpenter said.


Source link

Share.

Comments are closed.