Source: WREG News
Mississippi Governor Tate Reeves is calling this tax cut: "A defining moment in Mississippi's history."
That's a bit of an exaggeration because the bill, which passed the MS House by a 92-27 margin, drops the current 4.5% tax rate by 0.25% each year until 2030, when it reaches 3%. Then the tax will drop gradually depending on the gap between revenue and expenses.
We’d much rather see an immediate repeal and replace bill. Go cold turkey. What does Mississippi have to lose?
The proposal will also cut the grocery tax from its current 7% (the highest in the nation) to 5%, paid for with a gas tax increase.
Overall a very good bill and more evidence that the southern states get it when it comes to pro-growth tax reform.
