Yesterday, the Mississippi House of Representatives passed a $1.5 billion individual income tax cut proposal. House Bill 1629, sponsored by Rep. Brad Mayo (R-Oxford), will occur over a 15-year period beginning in Fiscal Year 2017 and will take place only if there is three percent revenue growth in each fiscal year. Currently, Mississippians pay a three percent income tax on their first $5,000 of income, four percent on the next $5,000 of income, and five percent on income over $10,000. With the passage of HB1629, the three percent income tax would be eliminated by 2019, the four percent income tax by 2022, and the five percent income tax by 2030. The bill represents the largest tax cut in Mississippi history.
The House’s passage of the income tax cut is on the heels of the Senate’s passage earlier in the week of the Taxpayer’s Pay Raise Act, a $400 million tax relief plan sponsored by Senate Finance Chairman Joey Fillingane (R-Sumrall). Senate Bill 2839 would eliminate the 3 percent tax bracket levied on individual income, reduces the overall tax burden on small business owners, and removes the investment penalty, or franchise tax, on businesses’ property and capital. The plan has been praised by Americans for Tax Reform and other prominent national groups.
Gov. Phil Byant, who called on the legislature to pass tax cuts before the legislative session began, praised the House and Senate for passing the bills. “Conservatives in Mississippi are united to give hard-working taxpayers more of their own money back to them. I look forward to signing a tax cut when it clears the Legislature, because both proposals will attract job creators to our state and help hard-working Mississippians,” remarked Bryant.
The passage of these proposals by the House and Senate make clear that even in an election year our Republican leaders are committed to passing bold and innovative reforms to help grow the state’s economy and put more money in Mississippians’ pockets.
Major Contributor to Barack Obama, Hillary Clinton, Al Franken & other Prominent Liberal Democrats is Mississippi Democrat Party’s Choice for Governor
FOR IMMEDIATE RELEASE
February 19, 2015
Spencer Ritchie: Spencer@msgop.org; (601) 948-5191
Madison Trial lawyer Vicki Slater is the new standard bearer for the Mississippi Democrat Party as their candidate for Governor. Today’s announcement finally exposes the least well-kept secret in Mississippi politics over the last many years – today’s Democrat Party of Mississippi proudly forces voters to make a choice – you either can be a conservative or a democrat but you can’t be both anymore.
Based on her numerous contributions, it would be difficult to find another candidate more out of touch with the policies and ideals of hard-working Mississippi voters. With her thousands of dollars in contributions to Barack Obama, Hillary Clinton, Al Franken and many other prominent, liberal Democrats, this year’s election for Governor may well offer the clearest choice between the Republican and Democrat candidates in the history of our state.
“Governor Phil Bryant has done an outstanding job leading Mississippi with conservative principles and therefore has a record to run on,” said Joe Nosef, Chairman of the Mississippi Republican Party, in response to Slater’s announcement
Chairman Nosef added, “the announcement of Vicki Slater as the Democrat candidate for Governor serves only to make clear the choice for voters up and down the ballot this fall. Do you want to vote for a party led by a Governor who has improved our economy, brought jobs to the state, and led the way in enacting innovative reforms to our public school system, or do you want to vote for a party led by a trial lawyer whose only political involvement has been giving large sums of money to national liberals. Even on this first day of the campaign, I think Mississippians can already see the very clear difference in the candidates for Governor.”