![]() ![]() Proponents of the income tax cut argue that reducing the income tax would encourage employers to hire more workers and invest in the economy. The state’s income tax accounts for over $2.4 billion in the general fund, roughly one-third of its total general budget, and it primarily impacts high-income earners because people who earn more money pay more of the tax. But a group of Republican House members bucked party leadership and wouldn’t support the measure. The governor and House Speaker Philip Gunn, R-Clinton, during the 2023 legislative session this year, urged lawmakers to go even further and eliminate the income tax. ![]() ![]() “And we can do more because this is Mississippi’s time.” “I pushed to eliminate our state income tax, and we’ve achieved the largest tax cut in state history,” Reeves said in Gulfport earlier this month. The Legislature in 20 passed significant reductions to the state income tax, which will eventually leave the state with a flat 4% tax rate on all earned income over $10,000 once the cuts are fully implemented.īut Reeves, the first-term governor running for reelection, believes the tax should be ended entirely. Here’s a closer look at their dueling proposals. Tate Reeves continues to advocate for abolishing the state income tax, and Democratic candidate Brandon Presley wants to eliminate the state’s tax on food and cut fees on car tags in half. Who, exactly, their respective tax cut proposals would help could emerge as a key deciding issue for the 2023 election for governor. Mississippi’s two leading candidates for governor want to chip away at state tax rates, but they have drastically different proposals on which taxes should get axed. ![]()
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