$555 million Tax Cut Blocked In Legislature

JACKSON, Miss. (AP) – House Democrats are blocking efforts to cut Mississippi taxes by $555 million over 15 years.

The House voted against sending House Bill 1629 to Gov. Phil Bryant Wednesday. The vote was 67 in favor of the bill and 52 against it, but 72 votes were needed.

A Republican held the bill for more debate, but it’s unclear if that will happen before next week’s deadline. House Speaker Philip Gunn was downcast about the bill’s chances.

Democrats argue the bill would cut taxes on corporations that pay too little while starving the state of revenue to provide services. Republicans say with state revenue improving, taxpayers should keep more earnings.

The bill proposed a $304 million income tax cut, a $242 million franchise tax cut and a $9 million self-employment tax cut.