Mississippi Today: Study: House Tax Proposal Increases Burden on Poor Mississippians
media mentionThe bottom 60% of Mississippi’s income earners would be paying more taxes under legislation that has passed the House while the top 40% would be paying less, according to an analysis conducted by a Washington, D.C.-based policy think tank.
A person in the top 1% with average income of $924,000 would pay $28,610 less in combined state taxes under the sweeping legislation authored by Speaker Philip Gunn, R-Clinton, while the next 4% of state income earners would save about $3,760 in taxes on average. Based on the analysis conducted by the Institute of Taxation and Economic Policy, those earning $49,100 or above would pay less in taxes, while individuals earning less than that would pay more in state taxes than they currently are paying.