Mississippi governor Tate Reeves is about to become much more popular with his citizens. The Republican has decided to eliminate Mississippi’s state income tax in five years in an effort to attract more people to his state.
In a Monday news conference, Mississippi’s 65th governor outlined how he hopes to move the state forward in the job market while at the same time giving the state’s residents more money to work with to take care of themselves and their families.
“If we want to be competitive, we must be capable of pulling out a map of the United States and recognize that Texas is to our West, Florida is to our East, Tennessee is to our North,” Reeves said. “We compete with them every single day for new jobs, and in every instance, we are at a disadvantage because they don’t have an income tax and we do.”
The governor is not wrong. Neither Florida, Tennessee, nor Texas have a state income tax, and if you’re looking for a place to retire, why would you avoid those states to go somewhere else?
Reeves said the state’s collection efforts during the COVID-19 pandemic have put the elimination of the tax within reach.
“We are proposing in this budget to allocate $1 billion in excess revenue towards eliminating the individual income tax,” Reeves said. “It will allow us to eliminate the 4% bracket in this fiscal year, or next fiscal year. To prevent increasing taxes in other areas, we must couple this tax cut with budget caps.”
Well done governor, your state just made my retirement list.