Income Tax Cut Headed For Governor

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The Mississippi Legislature has sent Governor Reeves the largest tax cut in state history.  The bill would trim the state income tax to a single four per cent bracket over a four-year period.  Mississippi currently has tax brackets of four and five per cent.   The four per cent bracket for taxable income of more than $5,000 up to $10,000 would be eliminated next year.  Then, the five per cent bracket for taxable income over $10,000 would be reduced in increments to four per cent by 2026.   Reeves has expressed his disappointment that the income tax is not being entirely eliminated.  But the bill leaves the door open for that to happen.   It says the legislature will determine before 2026 if further cuts in the income tax can be made.