Through nine months of 2023, the state has collected $276.9 million less in income taxes than were collected during the same period in 2022.
by Bobby Harrison, Mississippi Today October 15, 2023 Gov. Tate Reeves and legislative leaders, especially House Speaker Philip Gunn, did a lot of chest thumping with the passage of a personal income tax cut in 2022. The tax cut appears to be doing what was projected, at least in terms of generating less revenue to fund the state’s vital services. Through nine months of calendar year 2023 — the first year of the phase-in of that much ballyhooed tax cut — the state has collected $276.
Through nine months of the phase-in of the tax cut, it does not appear that is happening. While the state has collected $276.9 million less in income tax revenue than was collected during the same time in 2022, only $83.3 million more in sales tax revenue has been garnered. That is a net loss of nearly $200 million in revenue for calendar year 2023, based on a compilation of the monthly revenue reports from the Legislative Budget Committee staff.