Mississippi Gov. Tate Reeves said he’s releasing information Monday about his state budget proposals for the year that begins July 1.
He said on Twitter that he would hold a briefing on Facebook live and that “key priorities are eliminating the income tax, funding the police and strengthening education.”
Legislators often ignore budget ideas from any governor, and Reeves could face bigger challenges than usual because of uncertainty caused by the coronavirus pandemic.
The individual income tax is one of the largest sources of Mississippi tax collections.
During the fiscal year that ended June 30, the state collected about $5.8 billion from all types of taxes, fees and other sources, including lawsuit settlements, according to the state Department of Finance and Administration. The biggest chunk of money, about $2.2 billion, came from sales taxes. The next-largest source was about $1.8 billion from individual income taxes.
The Mississippi Department of Revenue says the state does not charge individual income tax for the first $6,000 for a single person or the first $8,000 for the head of household _ one person with at least one dependent. The exemption for a married couple is $12,000.
Mississippi charges no individual income tax on the first $2,000 of taxable income.? It charges 3% on the next $3,000, 4% on the next $5,000 and 5% on all taxable income over $10,000.