The House’s plan to eliminate the lowest income bracket and the Senate’s more ambitious plan to provide a larger income tax cut as well as a significant tax cut for businesses are among many moving parts legislative budget leaders must take into account as they begin work in earnest next week of finalizing and passing a state budget by April 18…
…Lt. Gov. Tate Reeves continues to stress that the Senate plan, which also includes the phase-out of the franchise tax (a tax on businesses’ capital and property), is best for the state,
“The simple question that must be answered in the coming days – how many representatives (House members) share my core philosophical belief that lower taxes and less government will lead to a stronger economy and more jobs?” Reeves said.
To further complicate matters for the final days for budget negotiators is that while House and Senate leaders are talking tax cuts, state revenue collections are at an anemic pace.