Mississippi, one of the most impoverished states in the U.S., passed legislation last year that will fully eliminate individual income tax in the state by 2040, a move that will allow residents to keep more of their money
Source: TheMirrorUS
Mississippi, one of the most impoverished states in the U.S., passed legislation last year that will fully eliminate individual income tax in the state by 2040, a move that will allow residents to keep more of their money
Source: TheMirrorUS
17 Comments
They will need to collect taxes somehow. Most likely from sources that affect the poor. Or is there an understanding state programs in MS will need to be federally funded?
Its estimated it will cost the state 1/3 of their tax revenue?
When that happens what gets cut? Services that largely help those impoverished? Certainly won’t tax their wealthy/businesses more.
Will be interested to see how this plays out…
to offset the revenue, the money has to come from somewhere else. if it’s going to be like the other 9 non-income tax states, the burden will fall on the lower income folks. the rich aren’t “residing” in those states for 6months+1day because they love it there so much
More of the money they dont have?
So making the rich richer…
Good ol regressive taxes.
What a garbage headline. Should read, “In surprise to no one, Mississippi moves to shift even more of their tax burden to its poorest residents.”
Probably the end of public education in Mississippi
The problem in mississippi is not, and never has been, that taxes are too high.
The problem is that the state is controlled by a landed aristocracy who have held the land since before there was a Mississippi, and those individuals live like aristocrats by making everyone else — especially the black population — live in generational poverty and hopelessness.
Makes perfect sense. They think education is a bad thing. They believe that because of lower taxes, businesses will come there. It was a failure in Kansas, it will be a failure there too.
Smart people in tech want good schools for their kids. cutting money for education isn’t bringing in tech even if it cuts taxes for the business. Trucking companies aren’t coming if they aren’t taking care of the roads.
The first thing that will happen is they will raise sales tax, which is regressive.
Mississippi is a third world country
“…keep more of their money…”
More like race to the bottom.
Crazy thought but this will make them…..poorer?
No tax revenue, no social services. Poor people need social services. MS is mostly poor people.
Another way to look at it: If you make 24K a year and use 5K in social services, you’ll lose the 5k but gain $1500 in untaxed revenue.
Mississippi: Make Feudalism Great Again.
Here keep this $1200 but now pay $3000 more this year for basic needs.
That tracks.
Just another tax cut for the rich sold as a tax cut for the middle class that is actually a tax hike on the poor and middle class.
And the burden will shift completely onto the shoulders of the poor. This country is cooked…
I’m glad my taxes in Massachusetts will pay for that. Thank God they keep vacuuming up federal funds while bashing the federal government.
…a move that will allow *rich* residents to keep more of their money.
Income taxes are progressive, meaning the more you make, the more you’re supposed to pay. When you take away income tax, and institute a fee schedule instead, which is what’s going to happen, state revenue becomes regressive. That means that the poor pay a larger percentage of their income than the rich.
Congratulations, you played yourself.