House Bill introduced to end state personal income tax

In a bold proposal, Mississippi Speaker of the House Philip Gunn introduced a $1.38 billion plan to eliminate personal  income tax in Mississippi with House Bill 1629. Speaker Gun stated, “If we are going to do a tax cut, we want it to be real, substantial and make significant impact on the lives of those who are paying the tax.”

The press release provided the following key points of the bill that the House Ways and Means Committee passed February 24th:

  • 15 Year – $1,380,360,533 individual income tax elimination
  • 3% bracket eliminated by 2019
  • 4% bracket eliminated by 2022
  • 5% bracket eliminated by 2030
  • 3% revenue growth required
  • Mississippi family that makes $30,000 a year – $1,350 Raise
  • Mississippi family that makes $50,000 a year – $2,350 Raise
  • Mississippi family that makes $70,000 a year – $3,350 Raise

The Senate has approved Senate Bill 2839, a $382 million tax-cut proposal that phases out the business franchise tax and the personal income tax on the first $5,000 of taxable income.

For more information:

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s