JACKSON, Miss.- Senators passed SB 2858 today on the floor that would cut taxes in several outlets.
The bill would phase out the corporate franchise tax, reduce the individual income tax, and give a tax break to people who are self employed.
Those opposed to the bill say it will only decrease the states revenue by upwards of 10 percent. There have already been budgeting issues addressed by Gov. Bryant’s office this legislative session and those against the bill think this will only make it worse. Directly effected could be the school funding plan or organizations like the foster-care system.
Lt. Gov. Tate Reeves is in favor of the bill and says that it will grow Mississippi economically.
The bill passed 38-10 in the Senate and will now go to the House for further review.