Reeves Proposes Larger Tax Cut

JACKSON, Miss. (AP) – Lt. Gov. Tate Reeves says he wants to cut income taxes by a larger amount than he has previously proposed.

The Republican says he wants to increase the size of his tax cut to $555 million over 15 years. That would include $304 million in income tax cuts, eliminating the first $350 of income tax liability for individual and corporate taxpayers.

Reeves would keep his plan to phase out Mississippi’s $242 million corporate franchise tax.

The Senate Finance Committee approved the plan Monday on a split voice vote.

House leaders have proposed phasing out the $1.7 billion that Mississippi collects from personal income taxes over 15 years or longer, depending on revenues. Republican House Speaker Philip Gunn of Clinton says he hasn’t seen the proposal and is declining comment.