The Washington, D.C.-based Tax Foundation said Wednesday that Lt. Gov. Tate Reeves and House Speaker Philip Gunn are recipients of its Outstanding Achievement in State Tax Reform award.
“Reeves and Gunn led the effort to begin phasing out the state’s archaic franchise tax, a tax on investment and capital formation in a state that needs more of both,” the foundation said in a statement.
The law, passed in 2016, will drop the tax rate in phases until complete repeal in 2028. The legislation also reduces the tax rate on low levels of income, the release stated.
The foundation noted that Reeves and Gunn have also explored further tax reform options.
The nonprofit foundation said it selects honorees each year who have accomplished extraordinary work to advance the cause of simpler, smarter tax policy.
Nominations for the award were submitted by legislators and other stakeholders across the country, and reviewed by Tax Foundation staff, the release said.
Founded in 1937, The Tax Foundation bills itself as the nation’s leading independent tax policy nonprofit.
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Tate Reeves and Philip Gunn authored corporate tax cut plans in 2015 and 2016 that need the state’s population to grow by about 66% each year until 2030 for the state to recoup the lost revenue of said cuts. That’s some smart tax policy. Congrats on the award.
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“People would flock to MS for the low tax rates” was literally the crux of Philip Gunn’s argument when those corporate tax cuts were passed. That turned out great!
I’m lost as to why tax cuts weren’t targeted to help the middle class and working poor in Mississippi. Both of those groups are far more likely to pump that money back into the economy. These tax giveaways to big businesses and their rich friends are simply going to be doled out as stock dividends to out of state investors. I’d dare sat none of it will be reinvested back into Mississippi.
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