No State Income Tax on NIL

[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.