Summary
Gov. Tate Reeves signed a tax overhaul bill into law that phases out Mississippi’s income tax over 14 years, aiming to make the state more economically competitive.
Due to typos, the bill nullifies intended economic growth triggers, potentially accelerating tax elimination.
It also cuts the grocery tax from 7% to 5%, raises the gas tax by 9 cents, and changes public employee retirement benefits.
Critics warn of a $2.6B annual revenue loss, risking vital services in the nation’s poorest state. Officials remain divided on the bill’s long-term impact.
When the rich technically make no income then regular working Americans end up paying more income tax than billionaires
Income tax disproportionately effects the poor unfortunately
No. Not really. That depends on the tax rates, my friend.