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Personal Income Tax Phase-Out: Mississippi Governor Reeves Pushes – What You Need to Know!

Mississippi Governor Reeves proposes the Personal Income Tax Phase-out (Photo from AP News)

Governor Tate Reeves wants the Personal Income Tax Phase-Out while increasing expenditure on economic development, transportation, and the judiciary.

Mississippi Governor Reeves proposes the Personal Income Tax Phase-out (Photo from AP News)

Mississippi Governor Reeves Ambitious Budget: Calls for Personal Income Tax Phase-Out by 2029

On Wednesday, the governor’s budget recommendations for fiscal year 2025, beginning July 1, emphasized his goal of the Personal Income Tax Phase-Out by 2029 without cutting spending or boosting taxes. Republican Governor Reeves wants more financing for Capitol Police, whose jurisdiction in Jackson will extend on July 1. The Republican-controlled Legislature, frequently indifferent to governors’ budget suggestions, may decide how to allocate state cash, according to history.

Mississippi is lowering its income tax after Reeves approved a measure in 2022. The governor’s budget release reiterates his plan for the Personal Income Tax Phase-Out in the coming years. Reeves believes proper budgetary management is needed to achieve this aim, not service cuts or tax increases.

A statute passed last year enlarged the Capitol Police’s authority, which some Jackson citizens saw as an attempt by the white and Republican-controlled state government to undermine local elected authorities in the majority-Black, Democrat-led city.

READ ALSO: UBI Potential: Guaranteed Income Plans In Minneapolis

Governor Reeves Champions Tax Cuts Amidst Capitol Police Expansion, But Legislative Response Remains Uncertain!

After expressing relief at not being in Jackson in 2022, Governor Reeves praised the capital city in his budget proposal, recognizing its cultural significance while addressing crime.

The governor and legislative leaders use economic trends to estimate revenue for the state budget. However, Governor Reeves criticized a November revenue forecast of $7.5 billion as intentionally low and potentially harmful to his income tax cut effort. The governor’s budget proposes spending nearly $10 billion in public funds.

Due to disagreement over revenue estimates, the 14-member Joint Legislative Budget Committee did not make its first expenditure recommendations in December. The budget battle has left the House and Senate’s May deadline for education, healthcare, prisons, and other government spending priorities uncertain. Governor Reeves is promoting tax cuts and targeted spending for Mississippi’s fiscal future, but legislative response is unknown given prior budgetary independence.

READ ALSO: Cash In On Education: Unlocking The $2500 American Opportunity Tax Credit 2024 – Mark Your Calendar For Payment Date & Check Your Eligibility Now!

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