MS Senate passes tax cut proposal, heads to House

Tax-cut Proposals Moving Forward at Mississippi Capitol

The Mississippi Senate has voted to phase out the corporate franchise tax, reduce the individual income tax and give a tax break to people who are self-employed.

And, a House committee is advancing a smaller-scale plan for individual income tax credits.

Republican Lt. Gov. Tate Reeves says the Senate plan will spur economic growth, but critics say it would eventually reduce revenue by 10 percent in a state where a school budgets have been underfunded for years.

WTOK
3/10/16