As the Mississippi legislature adopts the largest tax cut in state history, Empower Mississippi has released a video explaining the tax reform changes.
The new law phases in the more than $500 million tax cut over the next four years. In the first year, it would eliminate Mississippi’s current 4 percent bracket that currently applies to the first $5,000 in taxed income. In years two through four, it would reduce the rate that applies to all income over $10,000 from 5 percent down to 4 percent. The end result would be a higher threshold before any taxes are owed and a lower, flat rate on all taxable income.
Empower has spent two years building the case and need for substantive tax reform in Mississippi, from issuing the first dynamic economic modeling of income tax elimination plans to testifying at joint legislative hearings, from engaging the media with over 1,000 mentions of our work to reaching the general public with millions of views of our content on the web and social media, and from designing and proposing alternate policy suggestions to activating citizens to send over 9,200 emails in support of tax reform.
The bill has been transmitted to the Governor and he has until April 5 to sign.