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FIRST ON FOX: Mississippi taxpayers will get significant relief with the incremental elimination of the state’s income tax.
Republican Gov. Tate Reeves is signing legislation into law Thursday evening that will lower that tax from 4.7% to nothing over the next few years, including getting it down to 3% by 2030, then eventually down to zero.
House Bill 1, the “Build Up Mississippi Act,” also slashes the grocery tax to 5% from 7%.
REPUBLICAN GOVERNOR SAYS DOGE IS RESTORING OPTIMISM IN FISCAL RESPONSIBILITY
Mississippi Republican gubernatorial candidate Tate Reeves, left, stands with President Donald Trump during a Keep America Great campaign rally at BancorpSouth Arena in Tupelo, Mississippi, on Nov. 1, 2019. (Brandon Dill/Getty Images)
“I am proud to sign into law a complete elimination of the individual income tax in the state of Mississippi,” Reeves said in a statement.
“Let me say that again: Mississippi will no longer tax the work, the earnings or the ambition of its people. The legislation I’m signing today puts us in a rare class of elite, competitive states. There are only a handful of states in the country that do not tax income. Today, Mississippi joins their ranks, and, in doing so, we plant our flag.”
Proponents of the legislation believe it will help boost economic development in the state. Only nine states do not charge an individual income tax: Tennessee, Florida, South Dakota, New Hampshire, Florida, Nevada, Wyoming, Alaska and Washington.
ICE ARRESTS 16 ILLEGAL MIGRANTS CAUGHT FLEEING OUT BACK OF MISSISSIPPI BUSINESS DURING RAID
Items used to prepare taxes. (Kurt “CyberGuy” Knutsson)
“This is more than a policy victory. This is a transformation. And it’s a transformation that I have believed in, fought for and worked toward for many years,” the governor stated.
“Generations from now, when our kids are raising families of their own in a stronger, more prosperous Mississippi, they will look back on this moment and say, ‘This is when we took our…
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