Democrats want to repeal tax cut, use money to fix road
Four Democratic state senators said Wednesday they want to repeal a big tax cut passed by Mississippi lawmakers and instead use the money for roads and bridges.
Senators David Blount of Jackson, Hob Bryan of Amory, Sollie Norwood of Jackson and Angela Turner of West Point said their plan would earmark $6 billion or more for transportation over 20 years.
Earlier this year, lawmakers approved phasing out Mississippi’s $260-million-a-year corporate franchise tax, cutting $145 million a year in income taxes, and lowering self-employment taxes by $10.2 million yearly. The cuts will be phased in over 12 years.
Because some House Republicans had concerns about what the tax cut would do to Mississippi’s revenues, House and Senate leaders agreed to study Mississippi’s tax structure before franchise tax cuts begin in 2018. That review is ongoing, influenced by advice from the conservative Tax Foundation to shift toward heavier reliance on sales and other user taxes.
Read more: http://www.clarionledger.com/story/news/politics/2016/11/02/dems-want-repeal-tax-cut-use-money-fix-roads/93220504/