RICHLAND, Miss. – Nearly $400 million dollars in tax cuts was proposed by Lt. Governor Tate Reeves Tuesday during a press conference at Taylor Power Systems in Richland.
The “Taxpayer Pay Raise Act,” would take ten years to implement and would eliminate a three percent tax bracket on levied individual income, increase tax exemptions for self-employed people, and remove the franchise tax imposed on business’s property and capitol.
Reeves says the cut on individual income tax will translate to about $150 dollars back into the pockets of Mississippian who pay income tax each year. As for the elimination of franchise tax, Tate believes banks would be able to use the money saved to direct funds back into the community, and local businesses would be able to invest in their business through new products or more jobs; however, utilizing those funds is completely up to the discretion of the for-profit businesses that would benefit from the tax cut.
Opponents believe the state should me more interested in funding education and repairing and maintaining roadways instead of offering tax cuts.
