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Old 02-12-2016, 10:02 PM
 
Location: Chicago, IL
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Hello. Does anyone knows what impact would entrepreneurs have on the future of Mississippi? Also, could Mississippi be improved by having out-of-state influences for local citizens?


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Old 02-12-2016, 10:05 PM
 
Location: Dothan AL
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I'm not sure what you mean?
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Old 02-12-2016, 11:50 PM
 
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Yes, the best thing for Mississippi is to attract new investors, while also enticing investors already in-state to start and expand businesses.

The main way to attract new investments is to eliminate the income tax, because it would make the business environment in Mississippi preferable to most of the other states. Some of the income tax cut could be replaced by increases in other taxes (e.g. property tax). This is better for attracting entrepreneurs because it property taxes (and sales taxes etc) have far less impact on businesses than income tax. Basically the taxes are shifted to other parts of the population, and not so much on investors who create all the job growth.

I saw a great video at the Atlantic magazine website on Columbus, MS and their remarkable success in attracting high tech industries. They showed that having a one-stop shop who helped them deal with all the government regulators in one place (done so by the Columbus/ Golden Triangle Link) immediately started attracting hundreds of prospects, whereas in previous years they would do well attract just a handful.

They also talked about the importance of community colleges providing whatever training is needed by local industry.

I have little hope unfortunately under the current governor, because he believes that as long as the state's "books" are looking good, then basically he's done his job. Even if the state's economy under his supervision is dead.

And the occasional huge victory such as the new Continental Tire plant is exciting but it pales in comparison to the across-the-board impact of eliminating the income tax, which would provide Mississippi with entrepreneurial job growth rates closer to those seen in Tennessee, Florida, Texas and other states with no income taxes.
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Old 02-13-2016, 01:29 AM
 
Location: Lake Oswego, Manhattan, Aspen
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Grasshopper, Mississippi has its own entrepreneurs. It has always had entrepreneurs.

Currently, the biggest one is Mr. Lampton, who ranks #239 among America's 400 richest people. He lives in the Jackson neighborhood to which we were recruited, when we were given an insider's deal on our first single family dwelling (until then, we lived in apartment buildings we bought and gentrified). Mr. Lampton started his business in 1954. Now, he ranks #701, among the world's 1,700 billionaires.

Then, there's Mr. Barksdale, who was a founder of Federal Express, and then of Netscape (https://en.wikipedia.org/wiki/Jim_Barksdale). He had to move away, to do those things. But then he moved back, and built a house, not far from Mr. Lampton's neighborhood. Pictures of it, in various publications, have been drooled-over, by people all over the world: Haus Design: Second Times a Charm Today, he is involved in such developments as Renaissance (at something or other: names get out of control, in Mississippi, and become much too long): Renaissance:::Home

And there was Mr. Irby, whose house, also in our old neighborhood, won a national 'Home of the Year' award, in a magazine like House Beautiful, or House & Garden. That was in the Fifties, when his business was just beginning to grow. Later, his companies went on to construct the enormous towers which hold up high-voltage power lines, all over the world (and, possibly, the power lines, themselves). I hear he also had a castle in Scotland, and a townhouse in London. His sons also went on to construct fine homes in our old neighborhood, which have been featured endlessly, in books and magazines (although not always for happy reasons: Jackson Jambalaya: Karen Irby case)

Too, there's Mr. VanDevender, who, if I remember correctly, made his money in Banks and South American goldmines. He built in our old neighborhood, but his most famous residence, because of a very famous tenant, is his little place by the sea: The Obamas' Martha's Vineyard Rental Sells | Private Properties - WSJ

One could hardly omit Ambassador Palmer (who also built in our neighborhood, before walking onto the world stage). He made it big in telecommunications: John N. Palmer Sr.: Executive Profile & Biography - Businessweek

And I could go on and on and on, just about entrepreneurs in and around Jackson. There's Jane Shelton, who founded her own Fabric Company: Jane Shelton And there's Gail Pittman, who became something of a tycoon, manufacturing pretty, casual dishes: http://ww1.prweb.com/prfiles/2006/07/28/418017/gail.jpg. Bianca Bare's company blazed like a comet, across the world of fragrances (http://www.themississippigiftcompany...re-cologne.jpg).

Elsewhere in the state, there is Fred Carl, in Greenwood, who founded Viking Range: https://en.wikipedia.org/wiki/Viking_Range He has done much to revive his hometown, creating the Alluvian Hotel, among other projects: The Alluvian

And there are the Crosbys of Picayune, who rose from humble beginnings, to build a chemicals empire. They endowed the Crosby Arboretum, one of America's treasures: featuring absolutely magical swamplands filled with various sorts of pitcher plants. Crosby Arboretum

And did I mention Hartley Peavey of Meridian? I take it you've heard of Peavey Electronics: https://en.wikipedia.org/wiki/Peavey_Electronics . He's hardly Meridian's only entrepreneur of note.

The list is long. And for every hugely successful entrepreneur in Mississippi, there are thousands of smaller ones, all the way down the entrepreneurial scale to Greenville, Mississippi's inventors of the Kool-Aid Dill Pickle: http://www.nytimes.com/2007/05/09/di...kool.html?_r=0

As for out-of-state influences, did you realize that Hollywood production companies have gone to Canton, Mississippi several times, to make several movies? The town now has permanent production facilities, as does Jackson. Major names go to Mississippi, to make films. The Help was filmed in Mississippi, and all sorts of OUTSIDERS swarmed Greenwood and Jackson, during filming: https://www.youtube.com/watch?v=lsfuhjtxQ3Y

Also, Mississippians DO read national magazines and newspapers. They DO watch national television programming. They DO go to schools and colleges, where they ARE instructed through textbooks and course content generated on the national level. They listen to the same pop garbage on the radio which infects the rest of America (although they seem to be stuck in the Seventies, mostly: but it's the same crap that the rest of America listened to, back in the Seventies).

Every town of any size has a library. And lots of places have bookstores - some of them quite big: http://media.shelf-awareness.com/the...oks_092914.jpg

And, every now and then, Mississippians are blessed by the presence of Yankees, who go down there to show Mississippians how to do, and how to be. That doesn't always turn out as the Yankees expect it to.

The truth is that Mississippians have been innovating since long before CocaCola was invented in Vicksburg. There are plenty of entrepreneurs, and the state has always had plenty of people who traveled widely, and, more importantly, who were up on what was going on in the world outside the state.

Mississippians have helped SHAPE the world (and I'm not just talking about the inventors of the Blues, and Elvis). One Mississippian moved to New York, and bought the New York Times Book Review. One Mississippi couple (http://content.theperfecthome.com/im...arge-Photo.jpg) bought television stations across America. Tennessee Williams and William Faulkner were Mississippians, as was Eudora Welty. Tammy Wynette (https://www.youtube.com/watch?v=H7_ajdd99CM) was from Ittawamba County. Her voice and her lyrics have captured the minds and hearts of people all over the world: https://www.youtube.com/watch?v=DwBirf4BWew .

And I know someone born and raised in Seattle, who has, since childhood, identified with the lyrics of 'Fancy', by Mississippi's Bobby Gentry https://www.youtube.com/watch?v=WX5DP0aRkGY: I'm sure your grandparents listened to her 'Ode to Billy Joe', back in the Sixties: https://www.youtube.com/watch?v=HaRacIzZSPo

But Mississippians IMPORT influences as much as they export. My Decorator imported Scalamandre Silk Brocatelles on my behalf, long before we escaped Mississippi: http://sell.jewelmirror.com/albums/a...0234.sized.jpg He ordered, for my final Mississippi home, scagliola columns, from an English workshop: http://lowres-picturecabinet.com.s3-.../14/358911.jpg. And from Italy, he ordered Rubelli: http://www.rubelli.com/foto/tessuti/...09/19972_4.jpg He's IMPORTED the wisdom of France's Henri Samuel: https://s-media-cache-ak0.pinimg.com...05f9b5997d.jpg And he's IMPORTED the chic of Pauline de Rothschild (http://media.architecturaldigest.com...01-article.jpg), and the subtle erudition of Italy's Renzo Mongiardino http://www.agentofstyle.com/wp-conte...iardino-21.jpg .

At the time, there were probably a hundred women in Mississippi, just like me: IMPORTING influences (and merchandise). And there were probably several THOUSAND who had the same motivations and imported inspirations - but who simply lacked the means to realize their material dreams.

Despite the Brain Drain, which removes the state's Best & Brightest, in droves, there remain many ambitious, learned, and prosperous people in Mississippi. Unfortunately, however, there is an ever-growing underclass, who simply are unwilling and unable to grasp possibilities, and to generate possibilities. The DICHOTOMY - between those who can & do, and those who can't & don't, is one of the state's defining features.
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Old 02-13-2016, 04:54 AM
 
Location: Florida
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The future of Mississippi is tied to it's past so unless you puncture a new Oil well like in North Dakota your state is going to morass into what it was in the last century which is non-productive.
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Old 02-13-2016, 08:37 AM
 
Location: NE Mississippi
13,650 posts, read 8,569,484 times
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Quote:
Originally Posted by Bobdreamz View Post
The future of Mississippi is tied to it's past so unless you puncture a new Oil well like in North Dakota your state is going to morass into what it was in the last century which is non-productive.
As poorly as the idea was expressed ("morass" is a noun), I still agree with most of it.

That's because ALL states are tied to their past. How else could it be? Does anyone think Wyoming is going to change and become more like Missouri? New Jersey like Arizona?

Mississippi does, indeed, produce less in GDP than most other states. Small farms have died, cotton is produced cheaper elsewhere, and the production-line jobs that have located to Mississippi have come because wages are low. No change in sight.

But back to the original question:
Quote:
Hello. Does anyone knows what impact would entrepreneurs have on the future of Mississippi? Also, could Mississippi be improved by having out-of-state influences for local citizens?
Your assumption is that Mississippians are not succeeding because no out-of-staters have bothered to show us how.
You should come visit.
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Old 02-13-2016, 09:14 AM
 
Location: Somewhere flat in Mississippi
9,522 posts, read 9,407,481 times
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Quote:
Originally Posted by GrandviewGloria View Post
Grasshopper, Mississippi has its own entrepreneurs. It has always had entrepreneurs.

Currently, the biggest one is Mr. Lampton, who ranks #239 among America's 400 richest people. He lives in the Jackson neighborhood to which we were recruited, when we were given an insider's deal on our first single family dwelling (until then, we lived in apartment buildings we bought and gentrified).
Just to be clear, you mean "Leslie Lampton".

Forbes Welcome

And Coca-Cola was not invented in Vicksburg, but in Atlanta. It was first bottled in Mississippi.

https://www.worldofcoca-cola.com/abo...-cola-history/
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Old 02-13-2016, 07:10 PM
 
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Apparently though the actual bottling of Coca Cola was the key innovation which made it Coke as we know it today. The owner of a drug store in Vicksburg decided to start bottling it (rather than serving only at the soda counter) and delivering it to people out in the country. Because of that innovation and the ensuing development of Coca Cola bottling companies across the South and Southwest, there are many extremely wealthy people across the country whose ancestors came from Vicksburg.

To answer the question about Mississippi attracting entrepreneurs from other places, yes, of course this should happen. This is the key for growth in every state and every country. Mississippi needs an edge over other states in terms of attracting entrepreneurs, and having no income tax would be an excellent edge.

You also have to wonder how many wealthy households in Memphis would move across the line into DeSoto and Marshall Counties, if taxes were more even, in particular for very high-income households. Even though Memphis' property taxes and sales tax are higher, for rich households they get a better deal living on the Tennessee side due to Tennessee's lack of an income tax. (for middle class households taxes are pretty much equal between Tennessee and Mississippi all things considered...and DeSoto County, Mississippi also offers lots of land and space for new homes that is extremely safe, with very nice schools.

Interestingly the growth in DeSoto County has accounted for the majority of growth in the entire state combined (less so since the housing bust). So it would be an interesting test to see how much wealth would move across the line into Mississippi if tax rates for rich households were evened out between the two states, enticing rich households to move into DeSoto County en masse.

With the new interstate opening next year, that southern portion of DeSoto County which is very beautiful and ideal for spacious home sites (already with thousands of them), is going to open up and emerge as one of the premier locations in all of the Memphis metro area. They say the intersection of the new I-69 and Craft Rd is going to be a premier, hot location for shopping, hotels, offices, etc...probably similar to the Highland Colony Parkway area in Ridgeland.
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Old 02-13-2016, 10:38 PM
 
641 posts, read 634,591 times
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Quote:
Originally Posted by brickpatio View Post
and having no income tax would be an excellent edge.
The last two years because of low state growth the legislature hasn't be willing to do that. Last two years our economic growth has been less that 5%. Cut the corporate and franchise tax first then when economic growth can sustain at least 5% growth for at least 3 yrs, then talk about cutting the state income tax. But it will have to be gradual and the state income tax will have to be raised significantly.

Last edited by sammyreynolds1977; 02-13-2016 at 10:50 PM..
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Old 02-14-2016, 04:47 PM
 
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I've seen articles in the Clarion Ledger about the franchise tax, but I've not read any commentary about the degree to which that deters employers from expanding. From what I gather, the tax punishes employers based on the size (i.e. the value of their assets basically), so I suppose that has about the same deterrent effect on employers expanding as an income tax.

But the franchise tax (I'm guessing) only effects in-state companies, with no tax reduction for employers based out of state.

Also, I've read that cutting corporate income taxes is not as effective as cutting personal income tax rates. That's because most new jobs are created by small companies whose owners file their taxes under the personal income tax rates, rather than under the corporate rate.

Therefore, to unleash expansion by small companies which are known for creating most of the new jobs, the most direct route to spur economic growth is cutting the personal income tax rate.

I'll say though...I'm just relaying what I've read over the years in the WSJ editorial page and other magazines etc. (I'm no expert by any means, ha!) I'd be curious what Arthur Gaffer, designer of Reagan's big tax cuts that spurred massive economic growth that lasted for decades, has to say about Mississippi's current tax cut proposals on the table.

One other thing too.... I've read that phasing in tax cuts over many years also has a deterrent effect on employers expanding. That's because basically they're constantly waiting on the next scheduled tax cut, to get a better deal. And...legislation that requires political actions over many years risks being ruined by future politicians.

So the best thing to do would be a major cut immediately (e.g. eliminate the 5% income tax rate entirely) and replace most of it with increases with other taxes that have less direct impact on employers' decision to expand. I assume this would mean property taxes and maybe a little bit more on the sales tax. They can always gradually then reduce the property tax rates over time to achieve a significant overall tax reduction.
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