Post by pavel on Mar 13, 2016 5:10:20 GMT -6
GOP leaders moved forward with tax cuts in the Senate and House on Thursday despite recent indications and warnings of state budget shortfalls.
"These dollars are going to come back in other forms," said Senate Finance Chairman Joey Fillingane, as he proposed cuts that would range from $575 million to more than $800 million when fully phased in, depending on growth. He also repeated Lt. Gov. Tate Reeves' statements that lawmakers shouldn't base long-term tax policy on a short-term stall in economic recovery.
The full Senate passed Senate Bill 2858, the "Taxpayer Raise Act of 2016" on a vote of 38-10, with eight Democrats voting yes along with the GOP.
The cuts are similar to ones Reeves pushed unsuccessfully last year. The proposal would phase out the corporate franchise tax and the two lowest — 3 percent and 4 percent — individual income tax brackets over 15 years. When fully implemented, Mississippians would pay a flat income tax rate of 5 percent on earnings over $18,300. The cuts when phased in will mean about $350 to taxpayers.
Read more: www.clarionledger.com/story/news/politics/2016/03/10/tax-cuts-legislature/81577998/
"These dollars are going to come back in other forms," said Senate Finance Chairman Joey Fillingane, as he proposed cuts that would range from $575 million to more than $800 million when fully phased in, depending on growth. He also repeated Lt. Gov. Tate Reeves' statements that lawmakers shouldn't base long-term tax policy on a short-term stall in economic recovery.
The full Senate passed Senate Bill 2858, the "Taxpayer Raise Act of 2016" on a vote of 38-10, with eight Democrats voting yes along with the GOP.
The cuts are similar to ones Reeves pushed unsuccessfully last year. The proposal would phase out the corporate franchise tax and the two lowest — 3 percent and 4 percent — individual income tax brackets over 15 years. When fully implemented, Mississippians would pay a flat income tax rate of 5 percent on earnings over $18,300. The cuts when phased in will mean about $350 to taxpayers.
Read more: www.clarionledger.com/story/news/politics/2016/03/10/tax-cuts-legislature/81577998/