Legislator reaches deal on income tax (Greenville, Pearl: 2015, apartment, property taxes)

[sammyreynolds1977]

https://apnews.com/article/business-...f97543410964e9

Essentially they're replacing the 5% bracket with the 4% bracket over the next 3 years.

[Mississippi Alabama Line]

This will make us pretty attractive when it comes to nominal tax overall, but competing states will still say, "Mississippi still has a state income tax".

I'm not sure how I truly feel about this. Obviously it's good for me because taxes are reduced, but I don't think we gained much in the way of outside perception. But there's also something that made so many of the legislators skeptical (like Lt. Gov. Hosemann). I guess I can admit that I don't fully have all the information.

[brickpatio2018]

My first thought was that Phillip Gunn needs to run for Lt. Governor next year against Hosemann. The Republican primary voters would get a crystal clear choice between the conservative Gunn for lower taxes/business growth versus liberal Hosemann for higher taxes/government growth.

Mississippi has had virtually no GDP growth since 2008 and eliminating the income tax would create a huge splash for Mississippi into the world of business and employer growth.

Especially in DeSoto County, the tax difference between Mississippi and Tennessee keeps rich households in the Memphis metro area on the Tennessee side of the line. Elimination of the income tax would transform the already-growing DeSoto County into something akin to Northwest Arkansas, Greenville, SC, or Huntsville, Alabama. Mississippi's future really is in the hands of one of two people, especially if Gunn runs for Lt Governor.

[Jardine8]

Originally Posted by brickpatio2018

My first thought was that Phillip Gunn needs to run for Lt. Governor next year against Hosemann. The Republican primary voters would get a crystal clear choice between the conservative Gunn for lower taxes/business growth versus liberal Hosemann for higher taxes/government growth.

Mississippi has had virtually no GDP growth since 2008 and eliminating the income tax would create a huge splash for Mississippi into the world of business and employer growth.

Especially in DeSoto County, the tax difference between Mississippi and Tennessee keeps rich households in the Memphis metro area on the Tennessee side of the line. Elimination of the income tax would transform the already-growing DeSoto County into something akin to Northwest Arkansas, Greenville, SC, or Huntsville, Alabama. Mississippi's future really is in the hands of one of two people, especially if Gunn runs for Lt Governor.

Yes, the income tax is definitely a factor; at least it was for me. When I relocated from Pearl to Memphis in 2015, I specifically picked an apartment in Memphis rather than in DeSoto County because I didn't want to pay $3k to $4k per year in state income taxes in MS. Granted, property taxes are probably a bit lower across the border in DeSoto County but not enough to make up for the income taxes that I would pay in MS. The other factor was just not wanting to commute via the interstate everyday.

[viverlibre]

Originally Posted by Mississippi Alabama Line

This will make us pretty attractive when it comes to nominal tax overall, but competing states will still say, "Mississippi still has a state income tax".

I'm not sure how I truly feel about this. Obviously it's good for me because taxes are reduced, but I don't think we gained much in the way of outside perception. But there's also something that made so many of the legislators skeptical (like Lt. Gov. Hosemann). I guess I can admit that I don't fully have all the information.

Concur, everyone in the south knows the tax free states, TX, FL and TN and people will live there just for that reason, even if it may cost more due to property taxes, housing values, etc.