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How much can you save under Mississippi’s tax cut plan?

This past weekend, the legislature came to terms on the state’s largest-ever tax cut, which is now on its way to the desk of Governor Tate Reeves.

In order to give Mississippians an idea of what they will save under the plan, I whipped up a quick sample analysis of the taxpayer savings under the Mississippi Tax Freedom Act of 2022.

Individual making $40,000
Year Tax Savings
2022 $1,285
2023 $1,085 $200
2024 $1,020 $265
2025 $955 $330
2026+ $868 $417
Married filing joint/combined earning $80,000
Year Tax Savings
2022 $2,570
2023 $2,170 $400
2024 $2,040 $530
2025 $1,909 $661
2026+ $1,736 $834

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