Gov. Reeves adding in another version of a tax cut proposal for lawmakers’ consideration
JACKSON, Miss. (WLBT) - The tally grows for versions of a tax cut proposal at the State Capitol. And the Governor is the latest leader throwing his version in for consideration.
“It is important that we focus on getting the elimination of the income tax across the finish line,” said Governor Tate Reeves Thursday morning.
But Reeves didn’t call the press to his office to advocate for the House or Senate plan. He’s got a new pitch.
“I am calling on the legislature to send me a bill that immediately cuts marginal tax rates from 5% to 3.5%,” he explained. “In addition, I call on the legislature to then reduce the marginal income tax rate in our state on individuals by one half of 1% for seven consecutive years thereafter. That would get us to a 0% individual income tax write within eight years.”
If you’re wondering exactly what that means for you, we asked him.
“It just depends on what your income level is,” he noted. “But what it would be is it’d be exactly the same for everyone. It would be 30% of whatever your current income tax is paid. Just think, Okay, this is what I pay on a monthly basis, what is 30% of that? Because under the plan that I just proposed, you would get a 30% reduction in whatever that is in 2023 in year one.”
He praised the House for offering plans with end goals of full income tax elimination. But the latest House version would take 18+ years to fully eliminate the tax.
“Their plan of $100 million in year one is way too little,” added Reeves. “And the 18 years it takes to implement it is way too long.”
Reeves says he’s not married to his proposal, but...
“I’m prepared to do whatever it takes to eliminate the income tax in Mississippi,” he said and repeated that answer when asked if that could include a special session.
The Speaker and Lt. Governor have not yet replied to our request for comment.
Legislators face a Saturday deadline to agree on tax and spending bills. But the Governor’s not taking a special session off the table if the two chambers can’t agree on a plan.
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