MS eliminates personal income tax ~

[CoachKandSportsguy]

Gov. Reeves Signs Historic Legislation Eliminating Mississippi’s Individual Income Tax (https://governorreeves.ms.gov/gov-reeves-signs-historic-legislation-eliminating-mississippis-individual-income-tax/)

retirement location competition

whose in?

[Snakster66]

Gov. Reeves Signs Historic Legislation Eliminating Mississippi’s Individual Income Tax (https://governorreeves.ms.gov/gov-reeves-signs-historic-legislation-eliminating-mississippis-individual-income-tax/)

retirement location competition

whose in?


I love MS, but there is a limited amount of golf in the area where I would go. So I'm out...for now.

(and it's who's)

[opinionist]

FL already has no personal income tax, and they are working on no property tax. I will stay with FL.

[Babubhat]

Not so fast.

The new legislation, House Bill 1, cuts the individual income tax rate to 3% by calendar year 2030, with future annual decreases until it ultimately falls to 0%

[Pballer]

I wouldn't look to Mississippi as a role model for states, seeing as it ranks at or near the bottom in so many important measurements such as health, economic well being and education.

[justjim]

FL already has no personal income tax, and they are working on no property tax. I will stay with FL.

Property tax relief- maybe. Elimination no way. Local communities depend on property taxes for schools and all the other many local services. It’s a bridge way too far.

[asianthree]

Property tax relief- maybe. Elimination no way. Local communities depend on property taxes for schools and all the other many local services. It’s a bridge way too far.

I agree, higher ups are toting make up the tax through tourism, so property tax will be eliminated. Schools would have to count on private funding. Fl could become the most sought after no properties tax, to live in, but can you imagine the influx to move here.

Then again what city would approve more housing with zero property tax funds to keep it running.

[rsmurano]

So they will be catching up to Florida in the next 5 years. Why does this matter? It doesn’t! We are also lowering the sales tax and maybe our property tax will be lowered or eliminated. So which state will be the model for lowering taxes?

[CrazyTiki]

I spent three years in Mississippi, and while the people are genuinely wonderful, the state faces significant challenges. It remains the poorest in the nation, with glaring deficiencies in infrastructure and limited opportunities for recreation or entertainment. Unfortunately, it also holds the grim distinction of having the highest murder rate per capita in the United States.

In contrast, Florida adopted forward-thinking tax policies nearly a century ago, eliminating personal income taxes in the 1920s, along with inheritance taxes. The state is now exploring the possibility of abolishing property taxes for seniors, further enhancing its appeal as a destination for retirees. Given these advantages and Florida's proactive approach to development, the likelihood of Mississippi bridging the gap is virtually nonexistent.

[Wondering]

Gov. Reeves Signs Historic Legislation Eliminating Mississippi’s Individual Income Tax (https://governorreeves.ms.gov/gov-reeves-signs-historic-legislation-eliminating-mississippis-individual-income-tax/)

retirement location competition

whose in?
Mississippi the Bangladesh of the South! They already depend on the US Federal Government for assistance.

[biker1]

The elimination of property taxes could happen but probably unlikely simply because of inertia; the easiest thing to do is nothing. One estimate suggested that a doubling of the sales tax to 12% would make up the revenue. One possible issue is that sales tax revenue may not be as stable as property tax revenue.

Property tax relief- maybe. Elimination no way. Local communities depend on property taxes for schools and all the other many local services. It’s a bridge way too far.

[ElDiabloJoe]

The elimination of property taxes could happen but probably unlikely simply because of inertia; the easiest thing to do is nothing. One estimate suggested that a doubling of the sales tax to 12% would make up the revenue. One possible issue is that sales tax revenue may not be as stable as property tax revenue.

The other consideration is that property tax is a tax on the wealthy (at least those that own homes), while sales tax is generally a tax on the poor as they are more likely to spend most of their money on sales-taxable purchases.

[Battlebasset]

I spent three years in Mississippi, and while the people are genuinely wonderful, the state faces significant challenges. It remains the poorest in the nation, with glaring deficiencies in infrastructure and limited opportunities for recreation or entertainment. Unfortunately, it also holds the grim distinction of having the highest murder rate per capita in the United States.

In contrast, Florida adopted forward-thinking tax policies nearly a century ago, eliminating personal income taxes in the 1920s, along with inheritance taxes. The state is now exploring the possibility of abolishing property taxes for seniors, further enhancing its appeal as a destination for retirees. Given these advantages and Florida's proactive approach to development, the likelihood of Mississippi bridging the gap is virtually nonexistent.

While you can't judge an entire state by statewide statistics, Mississippi doesn't have the amenities most retirees are looking for. Florida as you note, has been very forward thinking, and is in an enviable position to push much of its tax burden onto visitors with some creative programs - sales tax holidays in the off-tourism months being one of them. Also, being a peninsula state, it isn't like residents can just pop over to another state to take advantage of their lower sales tax, unlike Mississippi and other mostly land-locked states.

[kingofbeer]

Gov. Reeves Signs Historic Legislation Eliminating Mississippi’s Individual Income Tax (https://governorreeves.ms.gov/gov-reeves-signs-historic-legislation-eliminating-mississippis-individual-income-tax/)

retirement location competition

whose in?
Residents are not moving from Florida to MS. Come on!

[USNA87]

Residents are not moving from Florida to MS. Come on!

We live in Louisiana, but I work in Mississippi. We will be moving to TV next year when I retire. I’ll be happy not pay state income tax to two states.

[biker1]

Tired argument. Virtually everything is regressive. The price of a loaf of bread is regressive.

The other consideration is that property tax is a tax on the wealthy (at least those that own homes), while sales tax is generally a tax on the poor as they are more likely to spend most of their money on sales-taxable purchases.

[Battlebasset]

Tired argument. Virtually everything is regressive. The price of a loaf of bread is regressive.

The only taxes that are not, or at least less, regressive are taxes on the more expensive nice to have, vs need to have, items. Boats. Expensive cars. Second homes.

In short, luxury taxes.

[Pugchief]

Gov. Reeves Signs Historic Legislation Eliminating Mississippi’s Individual Income Tax (https://governorreeves.ms.gov/gov-reeves-signs-historic-legislation-eliminating-mississippis-individual-income-tax/)

retirement location competition

whose in?

If someone can provide a list of even 5 ways MS is superior to FL, I'll have an open mind. Doubt anyone can come up with 3.

[rsmurano]

Property taxes are for the wealthy and sales tax is against the poor? So you are saying that everybody that owns a home is wealthy? Far from it. Even if you rent, you are paying property taxes because the landlord takes all of his costs and passes them to the renter, and the renter does not get to right anything off. Renting is never a better option long term imo.

People with money buy more things and a lot more expensive items than the poor. How much is a new Rolls Royce/Porsche/lambo compared to a 10 year old Honda? Who will pay more taxes?

[MorTech]

A real property tax would be ideal if we would just go back to a protection-only Gubbermint...Wealthier property owners have more to protect. Also, you won't turn merchants/employers into tax collectors for the State.

Mississippi getting rid of income tax is probably the best idea to help get them out of relative poverty. Tax on productivity is just evil.

[OrangeBlossomBaby]

I'm all for not caring what other people think, but I find it really hard to take a post with poor grammar and spelling seriously. My assumption, right or wrong, is that poster's opinion is less likely to be worthwhile. YMMV

Many blind people use special readers that allow them to post. Those readers aren't always accurate, as they are voice-to-text applications, and are dependent on what they "hear" you say, when they translate to text.

In addition, some people use predictive text to post, and while a word might be spelled correctly, it's the wrong word. But the device they're using doesn't know that you're trying to say "whose" and not "who's."

Lastly, some members are "English as a second language" posters, who might not realize that they're using an English word incorrectly.

I try to give people some slack when I notice a pattern, or a one-off typo. It might bug me if they constantly misspell words that are typically misspelled by full-grown high-school-graduate adult Americans who just don't care if they present themselves intelligently or not (such as two, too, to, tew, or weather vs. whether). Then again, I sometimes use run-on sentences. We all have our warts.

[Pugchief]

Wow. Do all you English teachers have a problem when having conversations with someone with a New England or MidWest accent? What do you say to someone who's 'gramma' is just fine and they just got a new 'Caa'. Do you correct them during the conversation? Just curious.

Pronunciation of spoken English has nothing to do with grammar and spelling in written English. Poor analogy.

If someone doesn't know the difference between, say, there/their/they're I find it hard to take seriously anything else in the post. Again, YMMV.

[Pugchief]

Aren't corrections of person's grammar, spelling and use of vulgar phrases considered to be "comments directed towards another user" which violate the stated rules of the forum?

I think this is a misinterpretation this rule. John was making a general comment, as was I.

[kingofbeer]

Mississippi the Bangladesh of the South! They already depend on the US Federal Government for assistance.
"Among U.S. states, Mississippi had the highest poverty rate in 2018 (19.7% poverty rate), followed by Louisiana (18.65%), New Mexico (18.55%) and West Virginia (17.10%)."

[Bwanajim]

Property tax relief- maybe. Elimination no way. Local communities depend on property taxes for schools and all the other many local services. It’s a bridge way too far.

Yes, I was wondering when DeSantis said about the property taxes. Impossible. Then I saw him the other day talking about putting a limit on it. I.e, if you bought your house 20 years ago and paid 300 K and now worth 600 K. You should not have to pay more.

[biker1]

Property taxes fund essential services, which are subject to inflation. The Save Our Homes Act limits the increase in assessed value of your house to 3% annually (if you are homesteaded). It could be less. Assuming no change in the millage rate and the limit of 3% was reached every year, 20 years would equate to about a 1.8x increase in the assessed value of your house and therefore about a 1.8x increase in your property taxes.

Yes, I was wondering when DeSantis said about the property taxes. Impossible. Then I saw him the other day talking about putting a limit on it. I.e, if you bought your house 20 years ago and paid 300 K and now worth 600 K. You should not have to pay more.