Post by Logan on Jul 5, 2016 4:06:11 GMT -6
Tax cuts have been a major, partisan issue as lawmakers and the governor wrangle with keeping the state budget balanced with cuts and spending from the state's emergency "rainy day fund."
The known impact, based on one report, will be $291 million in lost tax revenue for the fiscal year that began Friday.
Democrats claim Republican legislative leaders have given away the farm by passing hundreds of millions of dollars in tax cuts since they took control in 2012 and warn that more drastic shortfalls and cuts in state services will be forthcoming — as happened in other states that passed large tax cuts in recent years. Republicans say the tax cuts are sound long-range policy and were long overdue and that any dips in revenue are more likely from a stagnant economy, not tax cuts.
Republican Lt. Gov. Tate Reeves — who helped push through the largest tax cut in state history, $415 million that will be phased in over 12 years starting in 2018 — said tax cuts will stimulate the economy and bring growth and more state revenue in the long run. He said long-term tax policy shouldn't be based on short-term economic and revenue downturns and that Mississippi lawmakers have spent modestly and avoided pitfalls other states have seen.
Read more: www.clarionledger.com/story/news/politics/2016/07/02/tax-cuts-list/86606928/
The known impact, based on one report, will be $291 million in lost tax revenue for the fiscal year that began Friday.
Democrats claim Republican legislative leaders have given away the farm by passing hundreds of millions of dollars in tax cuts since they took control in 2012 and warn that more drastic shortfalls and cuts in state services will be forthcoming — as happened in other states that passed large tax cuts in recent years. Republicans say the tax cuts are sound long-range policy and were long overdue and that any dips in revenue are more likely from a stagnant economy, not tax cuts.
Republican Lt. Gov. Tate Reeves — who helped push through the largest tax cut in state history, $415 million that will be phased in over 12 years starting in 2018 — said tax cuts will stimulate the economy and bring growth and more state revenue in the long run. He said long-term tax policy shouldn't be based on short-term economic and revenue downturns and that Mississippi lawmakers have spent modestly and avoided pitfalls other states have seen.
Read more: www.clarionledger.com/story/news/politics/2016/07/02/tax-cuts-list/86606928/