So, no more state income tax
- Thread starter The Cooterpoot
- Start date
This is correct. This is Tater's end goal. He sees all the the business and industry that is going into Texas and Tennessee and wants that for MS. The income tax or lack there of is one of the main drivers. He is also building site ready pads for businesses to set up without delay. Im not personally a fan of Tater at all....he tries to be a mini Trump.....but one thing he is good at is bringing business to MS and that is his underlying goal of everything he does.
Gotcha. I guess the problem is that there is "enough" money to pay for it, so everyone keeps raising prices.
We already have some of the lowest gas prices in the US. If a $0.10 hike affects you in more than a minimal way, then I think you're doing something wrong.
I am putting this int the "I don't give a **** file" because I work and will pay tax no matter how they tax. They will get it one way or another. It will end up being a wash for me.
But but I was told the only advantage Tn and Tx have over us in attracting industry is they have no income tax ****
True, as of today the statewide average is $2.67 for 87 octane and $3.25 for diesel. There's definitely some state revenue there that's not being tapped.
How does it cost $6,000/mile to stripe a road? I'd love to see the breakdown of expenses on that. The only expenses, I assume, are cost of the paint, employee scary, and fuel for the equipment.
Mississippi needs to look into the InQuik prefabricated bridges. They save on time with the installation and it generally take 3-5 days to install them.
I prefer consumption-based taxes (i.e., sales tax) to production-based taxes (i.e., income tax).
I also prefer land value tax to property tax.
I also prefer land value tax to property tax.
Yep. Shifting the tax burden from the Rick to the poor. I’m a mostly fiscally conservative Republican, but this is bullsh*t.
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I know nothing about bridges but please take more than 3-5 days to install them!
The article I read said $0.09 per gallon. Thus if you buy 100 gallons of fuel per month, $9 per month. Virtually every working professional in Mississippi pays substantially more in state income tax. I also spend more on groceries each month than I do for gas and I suspect most people do too. With the grocery tax also going down, these changes should save most individuals some money each month.
That seems like the worst approach. I don't love property taxes and some states and localities have turned their property owners into serfs that rent their property, but in theory, it makes sense that property taxes would be used to pay for the basic local government services. Certainly the more that you can push to use taxes the better as then the beneficiaries are paying for what they get (water, sewer should be paid for by bills; gas tax should pay for a lot of roads, although when you get to the local level where the gas is bought versus where the wear and tear is doesn't match up that well).
Sales tax and other consumption taxes are good because people are paying for what they "take". You do a bunch of work and get a bunch of paper and electronic bits and never use that to purchase anybody else's time or the product of their time, then you don't pay taxes on it. You just work to get by and spend every dollar you make, then you pay taxes on what you are "taking", which just seems fair. Just seems like bad incentives to tax people at higher rates bases on how much they produce rather than how much they consume. Much better to incentivize people to produce for others and tax them when they consume.
yea, 17 Rick. Other than his party bus, what has he done for any of us. I say shift all the taxburden to him and leave the rest of us alone.**
We have a hard enough time attracting talent and capital to our state…getting TJ state income tax parity with Texas, Tennessee and Florida is not a silver bullet but cannot hurt.
It USED to be $6,000 a mile. Now it's $14,000 a mile. Go figure. There aren't but a couple of striping contractors in the state that do county and city work. The elastomeric paint they use has gone up high, but it's more a supply and demand issue. So they charge what the market will bear. We've had to go to just putting a yellow center reflective marker on some roads. And forgoing striping. Just to have something there to delineate the centerline of the road.
My Kroger reward points will cover that***
Just like the casino money that was going to make our schools some of the best in the country? I'll believe it when I see it...........
Focus on that. Deregulate and use sane industrial policy to make housing, energy and infrastructure better and cheaper for ordinary Americans. The culture wars don't do this and you can fight the culture wars less publicly while implementing reforms that benefit most people. The amount of red tape is insane.
The casino money wasn't enough to fund schools by itself. Since money is fungible, it was always more or less guaranteed that the casino money would in practice just go to the general fund as a whole over time, even if facially was designated only to schools. There was just no way to prevent the other funding for education to be reduced over time in recognition of the extra casino revenue. Because a lot of the casino revenue came at the expense of sales tax revenue (because it was just mississippi residents shifting disposable income from goods and services subject to regular sales tax to gambling), it was guaranteed to happen much faster as the state had to find ways to fill the hole from the diverted sales tax revenue.
The gas tax will I believe more or less cover state funding of roads and bridges. Not positive about that, but I think that was the intent. To the extent it doesn't and the legislature has been putting general fund money into road and bridge repairs, I think there is a high likelihood that it will be reduced overtime if not immediately to make funding available for other priorities.
"In theory" was the wrong phrasing. It's good tax policy for property taxes to pay for basic local government services that benefit those properties. I just said in theory in recognition that real property taxes are a particularly effective tool for politicians to use in acting as stationary bandits because the real property can't be moved.
This question is about gasoline (road usage) tax NOT A REFERENDUM ON EV's . I have no idea how EV's are taxed for road usage but how are they effected by this ?
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Property taxes is what I wish they would get rid of. I don't like the fact I own my house and land, but I then have to turn around and rent it from the govt to stay there. Then if I can't (or don't) pay property tax the govt evicts me from land and a house I own and makes it theirs.
Ideological discussions on income vs sales aside, what sort of sales tax increase is being projected to bridge the gap? And probably more importantly, does anyone know how many federal dollars that are typically there will no longer be there after President Bull in China shop stops knocking over ****? MS is kinda dependent on the Feds.
You don't own something if you have to pay someone to keep it, and they can take it from you if you don't pay.
Basically, when new monies come in for a designated cause such as the casinos for schools, for there to be an impact, previous funding sources need to be locked in as well or they’ll just get moved around to build volleyball arenas.
Correct, or the new money has to be more than the existing money so even when previous funding is taken away, it's still an increase. That was a much clearer and more concise way of saying it.
Worth a try I suppose, but I get a little skeptical when you start comparing MS to TX or TN. Reason is, people are actually spending money in TX and TN. There are attractions, there are cities, there are jobs. Nobody spends money in MS, there's nothing to spend it on except groceries and gas, and we lowered one and raised the other. MS people spend their money in other states......like TX and TN. So I see the following happening:
- State services will suffer and be reduced. I don't know what all they do, but this is just logic;
- All the small town people who commute, will likely suffer due to the rise in gas prices;
- TateR and Co will continue to give away the farm to attract businesses, same as we always have been.
So I don't know if I see an impact. Maybe we have a chance to attract more white collar companies as workers might be more willing to relocate with no income tax, but those don't just fall out of the sky - especially in MS where we have no viable urban areas. I just don't see how we're going to make up the difference in the state budget with data centers and spread out economic 'wins' (many less than other states lately). I assume state parks will end up with a lot less money too, so even less places to go. The only real thing MS has going for it is the mix of coast and casinos, and that gets constantly blasted by damned hurricanes.
AL and GA have income tax, and they are well ahead of MS, so I really don't know the long term affect of this.
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Property taxes in TX get all these school districts fancy football stadiums with video boards and indoor practice facilities along with turf then schools b!+ch about having no funding. Property taxes can get out of control fast!
I guess it’s a side discussion, but this is why I laugh whenever any group (govt or corporation) says this money will now be used for x. But especially the govt.
EVs have an annual $150 fee.
Hybrids have an annual $75 fee.
Taxes are a necessary evil. If you make it a head tax in exchange for police protection etc, and then they can levy on anything you own if you don't pay, that seems worse?
The middle and lower class pays the least I. Taxes right now. I think federally we are looking at some major adjustments in tax rates and possible cuts to the two main contributors to debt, Medicaid and Socisl Security. Very unpopular and painful but I’m not sure how else you solve our financial issues.
Great freakenomics episode about this issue here:
some of you will have to reconcile some dissonance related to who is being interviewed but the content is very interesting and pretty non partisan despite the person being right of center economically.
I don't have the answer as to the best way to make up the difference in lost tax revenue, but I think eliminating the income tax make sense from the standpoint of looking at what the State brings in from the income tax vs. what it takes to collect and enforce the income tax. When compared to sales and use tax, income tax is much more complex to interpret, regulate, enforce and collect - particularly when you consider the consider the capabilities of the average MDOR agent (no offense if any of you are) and the fact that Mississippi's income tax code follows the Internal Revenue Code in many instances.
Couldn't agree more. MS trying to compare the benefits of cutting income tax with TX or TN is hilarious. Spend one day in Houston or Nashville and you can see just by traffic volume economic output that is orders of magnitude above the entire state of Mississippi. Until Mississippi develops an attractive area with density that attracts and retains young demographics, you can kiss economic development goodbye. There's a reason MS college graduates leave the state, and it's not because they're having trouble finding cheap homes.
Also, the governor's office can champion economic development by striking deals with manufacturers, but this strategy is only one leg of the chair for economic development. Most of these deals include massive tax subsidies to the company, and if they are stand-alone, they can be detrimental overall. If they're used as a tool in the toolbox, they're helpful.
IMO, we should be pouring everything we have into the Gulf Coast (I-10 corridor) and/or Tupelo (I-22 corridor) areas, which are better suited politically for large urban growth than central MS. Since everyone seems to believe that Jackson is not recoverable, create real urban centers in these two spots that have more natural attractions (proximity to foothills/mountains in NE MS and natural Gulf Coast water/golf lifestyle). Coast has the burgeoning population advantage, so focus on some density things in Gulfport/Biloxi and the port would be my bet.