The Mississippi legislature passed the largest tax cut in state history during the most recent session, and in spite of challenging economic times, they’ve managed a $1.5 billion surplus.
At least two lawmakers – Lt. Governor Delbert Hosemann and Senate Appropriations Chairman Briggs Hopson – think it’s time to give some of that money back.
“I proposed last year, and I will propose this year a tax rebate, which is a one-time payment. You’re not going to break the budget by doing that. We know there are enough funds to be able to utilize that,” Hopson said. “I feel like, especially if we end up in a recession next year, the opportunity to get some funds out and get it in people’s pockets will help them absorb some of the high costs of products.”
Hosemann backed Hopson in offering a one-time rebate to Mississippi’s taxpayers, saying that the state is in the best economic shape it’s been in since 1817.
“We’re going to give them some of their money back,” Hosemann said. “And it ought to be given back to them.”
As for how much would be go back into the pockets of taxpayers, Hopson said it would depend on income.
“Anybody that paid an income tax would get some measure of relief, and then, there would be a cap on the top end.”
The full interviews with both Hosemann and Hopson can be watched below.