Mississippi
State Rundown 11/29: Thanksgiving Leftovers Edition
• By ITEP Staff
The State Rundown is back from Thanksgiving break with a heaping helping of leftover state tax news, but beware, some of it may be rotten.
Revised Senate Plan Would Raise Taxes on at Least 29% of Americans and Cause 19 States to Pay More Overall
• By ITEP Staff
The tax bill reported out of the Senate Finance Committee on Nov. 16 would raise taxes on at least 29 percent of Americans and cause the populations of 19 states to pay more in federal taxes in 2027 than they do today.
How the Revised Senate Tax Bill Would Affect Mississippi Residents’ Federal Taxes
• By ITEP Staff
The Senate tax bill released last week would raise taxes on some families while bestowing immense benefits on wealthy Americans and foreign investors. In Mississippi, 45 percent of the federal tax cuts would go to the richest 5 percent of residents, and 10 percent of households would face a tax increase, once the bill is fully implemented.
State Rundown 11/8: Online Sales Tax Fight and Tax Subsidy Absurdity Go National
• By ITEP Staff
Internet sales tax fairness efforts gained momentum this week as most states joined together to encourage the US Supreme Court to allow them to collect taxes on online sales. Meanwhile, Montana lawmakers will enter special session next week to plug their revenue shortfall, Mississippi's (self-inflicted) revenue crunch is reaching unprecedented severity, and misguided corporate tax subsidies got mainstream attention from HBO's John Oliver and Rolling Stone.
Analysis of the House Tax Cuts and Jobs Act
• By Matthew Gardner, Meg Wiehe, Steve Wamhoff
The Tax Cuts and Jobs Act, which was introduced on Nov. 2 in the House of Representatives, would raise taxes on some Americans and cut taxes on others while also providing significant savings to foreign investors.
How the House Tax Proposal Would Affect Mississippi Residents’ Federal Taxes
• By ITEP Staff
The Tax Cuts and Jobs Act, which was introduced on November 2 in the House of Representatives, includes some provisions that raise taxes and some that cut taxes, so the net effect for any particular family’s federal tax bill depends on their situation. Some of the provisions that benefit the middle class — like lower tax rates, an increased standard deduction, and a $300 tax credit for each adult in a household — are designed to…
State Rundown 10/13: Soda Taxes, Business Subsidies, and Gas Taxes Considered in Several States
• By ITEP Staff
A comprehensive tax study is underway in Arkansas this week as other states hone in on more specific issues. Soda taxes hit setbacks in Illinois and Michigan, business tax subsidies faced scrutiny in Iowa and Missouri, and gas tax update efforts are underway in Mississippi and North Dakota.
State Rundown 10/4: Wildfires in Montana and Tax Cuts in Kansas Wreak Budget Havoc
• By ITEP Staff
This week, Kansas's school funding was again ruled unconstitutionally low and unfair, while Montana lawmakers indicated they'd rather let historic wildfires burn a hole through their budget than raise revenues to meet their funding needs. Meanwhile, a struggling agricultural sector continues to cause problems for Iowa and Nebraska, but legalized recreational marijuana is bringing good economic news to both California and Nevada.
Benefits of GOP-Trump Framework Tilted Toward the Richest Taxpayers in Each State
• By Steve Wamhoff
The “tax reform framework” released by the Trump administration and Congressional Republican leaders on September 27 would affect states differently, but every state would see its richest residents grow richer if it is enacted. In all but a handful of states, at least half of the tax cuts would flow to the richest one percent of residents if the framework took effect.
GOP-Trump Tax Framework Would Provide Richest One Percent in Mississippi with 55.2 Percent of the State’s Tax Cuts
• By ITEP Staff
The “tax reform framework” released by the Trump administration and congressional Republican leaders on September 27 would not benefit everyone in Mississippi equally. The richest one percent of Mississippi residents would receive 55.2 percent of the tax cuts within the state under the framework in 2018. These households are projected to have an income of at least $404,300 next year. The framework would provide them an average tax cut of $42,060 in 2018, which would…
State Rundown 9/25: No Rest for the Weary as State Tax and Budget Debates Wind Down, Ramp Up
• By ITEP Staff
Last week, Wisconsin leaders finally came to agreement on a state budget, while their peers in Connecticut appear to be close behind them. Iowa lawmakers avoided a special session with a short-term fix and will have to return to their structural deficit issues next session, as will those in Louisiana who will face a $1 billion shortfall. Meanwhile, District of Columbia leaders have already resumed meeting and discussing tax and budget issues there.
Arkansas Times: Arkansas to Fare Worse Than Most States under Trump Tax Proposal, Report Says
September 8, 2017
We don’t have an actual tax bill to parse yet, but Arkansas Advocates for Children and Families has a helpful preview of how the cuts outlined by Trump earlier this year would affect Arkansas. It’s based on an analysis by the Institute on Taxation and Economic Policy. The key takeaway is that Arkansas is among the […]
In Mississippi 37.1 Percent of Trump’s Proposed Tax Cuts Go to People Making More than $1 Million
• By ITEP Staff
A tiny fraction of the Mississippi population (0.2 percent) earns more than $1 million annually. But this elite group would receive 37.1 percent of the tax cuts that go to Mississippi residents under the tax proposals from the Trump administration. A much larger group, 55.7 percent of the state, earns less than $45,000, but would receive just 6.3 percent of the tax cuts.
Nearly Half of Trump’s Proposed Tax Cuts Go to People Making More than $1 Million Annually
• By ITEP Staff
A tiny fraction of the U.S. population (one-half of one percent) earns more than $1 million annually. But in 2018 this elite group would receive 48.8 percent of the tax cuts proposed by the Trump administration. A much larger group, 44.6 percent of Americans, earn less than $45,000, but would receive just 4.4 percent of the tax cuts.
Trump Touts Tax Cuts for the Wealthy as a Plan for Working People
• By Steve Wamhoff
Unless the administration takes a radically different direction on tax reform from what it has already proposed, its tax plan would be a monumental giveaway to the top 1 percent. The wealthiest one percent of households would receive 61 percent of all the Trump tax breaks, and would receive an average of $145,400 in 2018 alone.
Sound Tax Policy Made a Comeback in 2017
• By ITEP Staff
2017 marked a sea change in state tax policy and a stark departure from the current federal tax debate as dubious supply-side economic theories began to lose their grip on statehouses. Compared to the predominant trend in recent years of emphasizing top-heavy income tax cuts and shifting to more regressive consumption taxes in the hopes […]
Hope Policy Institute: Mississippi’s Wealthiest Get the Most Benefit under New Federal Tax Cut Proposal
• By ITEP Staff
New research from the Institute on Taxation and Economic Policy (ITEP) looks at the potential effects of a tax cut proposal from the Trump Administration on families in the 50 states. The tax cut proposal would reduce the tax rate on corporate income from 35 percent to 15 percent, would repeal the estate tax, replace the current income tax brackets with three brackets at 10 percent, 25 percent, and 35 percent, eliminate most itemized deductions,…
50-State Analysis of Trump’s Tax Outline: Poorer Taxpayers and Poorer States are Disadvantaged
• By Alan Essig
Not only would President Trump’s proposed tax plan fail to deliver on its promise of largely helping middle-class taxpayers, it also would shower a disproportionate share of the total tax cut on taxpayers in some of the richest states while southern and a few other states would receive a smaller share of the tax cut […]
Trump Tax Proposals Would Provide Richest One Percent in Mississippi with 47.8 Percent of the State’s Tax Cuts
• By ITEP Staff
Earlier this year, the Trump administration released some broadly outlined proposals to overhaul the federal tax code. Households in Mississippi would not benefit equally from these proposals. The richest one percent of the state’s taxpayers are projected to make an average income of $1,108,300 in 2018. They would receive 47.8 percent of the tax cuts that go to Mississippi’s residents and would enjoy an average cut of $62,390 in 2018 alone.
Trump’s $4.8 Trillion Tax Proposals Would Not Benefit All States or Taxpayers Equally
• By Matthew Gardner, Steve Wamhoff
The broadly outlined tax proposals released by the Trump administration would not benefit all taxpayers equally and they would not benefit all states equally either. Several states would receive a share of the total resulting tax cuts that is less than their share of the U.S. population. Of the dozen states receiving the least by this measure, seven are in the South. The others are New Mexico, Oregon, Maine, Idaho and Hawaii.
State Rundown 7/19: Handful of States Still Have Their Hands Full with Tax and Budget Debates
• By ITEP Staff
Tax and budget debates drag on in several states this week, as lawmakers continue to work in Alaska, Connecticut, Rhode Island, Pennsylvania, Texas, and Wisconsin. And a showdown is brewing in Kentucky between a regressive tax shift effort and a progressive tax reform plan. Be sure to also check out our "What We're Reading" section for a historical perspective on federal tax reform, a podcast on lessons learned from Kansas and California, and more!
State Rundown 6/28: States Scramble to Finish Budgets Before July Deadlines
• By ITEP Staff
This week, several states attempt to wrap up their budget debates before new fiscal years (and holiday vacations) begin in July. Lawmakers reached at least short-term agreement on budgets in Alaska, New Hampshire, Rhode Island, and Vermont, but such resolution remains elusive in Connecticut, Delaware, Illinois, Maine, Pennsylvania, Washington, and Wisconsin.
How Long Has It Been Since Your State Raised Its Gas Tax?
• By Carl Davis
Many state governments are struggling to repair and expand their transportation infrastructure because they are attempting to cover the rising cost of asphalt, machinery, and other construction materials with fixed-rate gasoline taxes that are rarely increased.
State Rundown 6/14: Some States Wrapping Up Tax Debates, Others Looking Ahead to Next Round
• By ITEP Staff
This week lawmakers in California and Nevada resolved significant tax debates, while budget and tax wrangling continued in West Virginia, and structural revenue shortfalls were revealed in Iowa and Pennsylvania. Airbnb increased the number of states in which it collects state-level taxes to 21. We also share interesting reads on state fiscal uncertainty, the tax experiences of Alaska and Wyoming, the future of taxing robots, and more!
3 Percent and Dropping: State Corporate Tax Avoidance in the Fortune 500, 2008 to 2015
• By Aidan Davis, Matthew Gardner, Richard Phillips
The trend is clear: states are experiencing a rapid decline in state corporate income tax revenue. Despite rebounding and even booming bottom lines for many corporations, this downward trend has become increasingly apparent in recent years. Since our last analysis of these data, in 2014, the state effective corporate tax rate paid by profitable Fortune 500 corporations has declined, dropping from 3.1 percent to 2.9 percent of their U.S. profits. A number of factors are…
