No State Income Tax on NIL

[StarkVegasSteve]

Passed by the MS Legislature today. Since I live in TX we already have no state income tax so it doesn't affect me, but if I was still living in MS I would be PISSED. I mean it's great for recruiting and everything but it's honestly a crock of s*** that something like this passes before no state income tax for everyone gets passed.

[BeardoMSU]

Insanity.

Sorry educators, police, and firemen...y'all don't ball, so pay those taxes!

[StarkVegasSteve]

Insanity.

Sorry educators, police, and firemen...y'all don't ball, so pay those taxes!

That's what you're saying. I do think this will push no state income tax for all MS residents across the finish line but it's still insane that this was passed first.

[MrCoachKlein]

Insanity.

Sorry educators, police, and firemen...y'all don't ball, so pay those taxes!

Blah, blah, blah. They're working on eliminating it permanently. Just a step in the same direction. Should've just done it all at once instead of the incremental option. Either way, it would be a non issue in 2-3 years. Now, let's get rid of those property taxes.....

[Homedawg]

Blah, blah, blah. They're working on eliminating it permanently. Just a step in the same direction. Should've just done it all at once instead of the incremental option. Either way, it would be a non issue in 2-3 years. Now, let's get rid of those property taxes.....

We can get rid of property taxes but it will be replaced w something else. $ has to come from somewhere

[somebodyshotmypaw]

We can get rid of property taxes but it will be replaced w something else. $ has to come from somewhere

Correct. It will be a tax swap.

[BeardoMSU]

We can get rid of property taxes but it will be replaced w something else. $ has to come from somewhere

Exactly. And...MS depends on federal taxes from other states (e.g., CA, MA) to fund basic infrastructure stuff...so what are we even doing?

[NWADAWG]

Correct. It will be a tax swap.

I hate all taxes like everyone else (yes I know they are necessary) but sales tax seems to be more logical to me than income taxes. Everyone pays sales tax. Plenty of people find ways to not pay income taxes but it doesn't matter if you're legal, illegal, rich, poor, or whatever, everyone pays sales tax. The rich tend to spend more => they pay more.

Property tax is its own beast as it goes to different funds with different folks controlling it than sales or income taxes

[Political Hack]

pretty soon there will be no roads, bridges, fire dept., police dept., 911 system, national guard, port security, etc... and we'll all wish we could go back to paying a few cents on the dollar for taxes.

Taxes aren't the problem. Never have been. It's the people who decide what to do with our taxes that are the problem.

[parabrave]

I thought the state had already done away with the State Income Tax. Property taxes are a County and Municipality thing that are raised and collected by them if I not wrong.

[Political Hack]

The state of Mississippi has a regressive tax system, much like the nation... the more you make, the lower a percentage of income you pay. I believe it's capped at a pretty low number, so people who make a lot barely notice it. However, for those making 20-30k a year, it's a massive hit.

I've long been a proponent of a flat tax system with no deductions. Everyone pays 10%, or whatever number works, no matter how much you make. But that would be fair and not disproportionately hurt the people who can't afford lobbyist, so it's unlikely.

[Goldendawg]

Family just re-upped our football season tickets for 59th or so consecutive years (Yes, we have seen some very bad MSU football over the decades). I left a message for my state Senator that I oppose this unfair bill for other hardworking taxpayers. Heck, if this puts us at a disadvantage in the portal, (We can't evaluate the players in MBB at all, it seems, during the Jans era.), just put it in their NIL contract that we will also pay their state taxes. Most of them probably don't know what a 1099 is anyway, I bet.

[cheewgumm]

Governments ( State, Fwderal, Local, whatever) have too much money already.

Here is an idea - take the money you already have and choose how you spend it. If you want to spend it on something else, cut a current program to pay for it.

[Pancho]

Governments ( State, Fwderal, Local, whatever) have too much money already.

Here is an idea - take the money you already have and choose how you spend it. If you want to spend it on something else, cut a current program to pay for it.

yes , choose where to spend and eliminate another totally or reduce it by 50%

[cheewgumm]

And that is never an option.

Government.s are simply corrupt. Is what it is.

[State82]

I've long been a proponent of a flat tax system with no deductions. Everyone pays 10%, or whatever number works, no matter how much you make.

Hear, hear!

[Pancho]

This is the best solution where each transaction is taxed. this along with a flat tax would be beneficial.

[MadDawg]

The state of Mississippi has a regressive tax system

This is not true.

[confucius say]

The state of Mississippi has a regressive tax system, much like the nation... the more you make, the lower a percentage of income you pay. I believe it's capped at a pretty low number, so people who make a lot barely notice it. However, for those making 20-30k a year, it's a massive hit.

I've long been a proponent of a flat tax system with no deductions. Everyone pays 10%, or whatever number works, no matter how much you make. But that would be fair and not disproportionately hurt the people who can't afford lobbyist, so it's unlikely.

This says that MS has a 0% rate for under 10k and then a flat 4% rate for anything over 10k, right?
So if I make 30k, I pay $800, or 2.65% of my income.
If I make 200k, I pay $7600, or 3.8% of my income.

https://www.dor.ms.gov/general-information#tax-rates

[StarkVegasSteve]

An interesting point brought up by Chase Parham is that this hasn't yet passed the Senate, it's just passed the House. It very well may get killed in the Senate and go back to committee and come out with it eliminating state income tax for all, which I assume is where this is all eventually headed. Trey Lamar has been spearheading that cause for a few years now.

[MadDawg]

This says that MS has a 0% rate for under 10k and then a flat 4% rate for anything over 10k, right?
So if I make 30k, I pay $800, or 2.65% of my income.
If I make 200k, I pay $7600, or 3.8% of my income.

https://www.dor.ms.gov/general-information#tax-rates

Yes. It's 4.4% for TY 2025, but yes.

[AROB44]

An interesting point brought up by Chase Parham is that this hasn't yet passed the Senate, it's just passed the House. It very well may get killed in the Senate and go back to committee and come out with it eliminating state income tax for all, which I assume is where this is all eventually headed. Trey Lamar has been spearheading that cause for a few years now.

What will replace the income tax revenue? It won't be sales tax...that's too regressive.

[confucius say]

Yes. It's 4.4% for TY 2025, but yes.

Good deal. Then moves to 4.0 for tax year 2026?

[Political Hack]

This says that MS has a 0% rate for under 10k and then a flat 4% rate for anything over 10k, right?
So if I make 30k, I pay $800, or 2.65% of my income.
If I make 200k, I pay $7600, or 3.8% of my income.

https://www.dor.ms.gov/general-information#tax-rates

Yeah. I was incorrect. That's the old system, but it looks like they recently changed it (maybe in 2025?). First 10,000 is untaxed, which should help the working poor keep a little more change in their pocket.

[confucius say]

Yeah. I was incorrect. That's the old system, but it looks like they recently changed it (maybe in 2025?). First 10,000 is untaxed, which should help the working poor keep a little more change in their pocket.

Yea I'd be ok with making the first 20k not taxable and just keeping the tax rate on above 20k at 4% instead of eliminating it.