On Tuesday afternoon, Governor Tate Reeves signed into law the largest tax cut in Mississippi history.
“There are some whose first inclination would be to immediately spend this money and grow government,” Governor Tate Reeves said. “These individuals have a wish list of pet projects that seems to be miles long and ever-growing. I believe we should help Mississippians bring home the bacon before another dime is spent on government pork. We will do this by giving back the money they gave the government.”
The Mississippi Tax Freedom Act of 2022 will:
- Phase in $525 million in tax cuts over the next four years
- Allow filers, by 2023, to exempt more income tax from taxation than any other state with a personal income tax
- Eliminate the 4% tax bracket. Drop the 5% bracket to 4.7% for 2024, 4.4% for 2025, and 4.0% for 2026
- Save a single filer taking the standard deduction and earning $40,000 a total of $417 per year
- Save a married couple taking the standard deduction and earning $80,000 a total of $834 per year