January 13, 2015

Mississippi

State & Local Taxes in 2015

 

Mississippi Tax Code Features

Progressive Features

• Graduated personal income tax structure

Regressive Features

• Fails to provide refundable income tax credits to offset sales, excise, and property taxes

• Comparatively high reliance on sales taxes

• Sales tax base includes groceries

• Fails to use combined reporting as part of its corporate income tax

Tax Changes Enacted in 2013 & 2014

• No significant developments

ITEP Tax Inequality Index

According to ITEP’s Tax Inequality Index, Mississippi has the 21st most unfair state and local tax system in the country. States with regressive tax structures have negative tax inequality indexes, meaning that incomes are less equal in those states after state and local taxes than before (See Ap­pendix B for state-by-state rankings and more details).

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