Gunn offers another plan to eliminate state income tax

House Speaker Philip Gunn has proposed another plan to eliminate state income tax. on new estimates of additional revenue, Gunn claimed the state was collecting. “Right now we have about $1.5 billion and excess revenue,” Gunn said. According to Gunn, if the current pace continues, the state will have an additional $2.5 billion in incremental revenue at the start of the fiscal year on July 1. “We clearly believe this shows that eliminating income tax is doable,” Gunn said. every year. “I know people hear that $100 million number and think that’s a lot of money, and that’s a lot of money to get back to taxpayers. But on a forward-looking basis, that’s one and a half to cent of our budget on a dollar It’s a penny and a half,” Gunn said. “So that’s a lot of money that we have to recoup from other sources, and make sure we have growth and that sort of thing.” Gunn explained how much extra money single and married couples would have to spend on his plan. “It puts $1,300 a month back in the pockets of a citizen making $40,000 a year, $2,600 for a couple making $40,000 or $80,000 a year,” Gunn said. Gunn’s plan still failed to gain the support of Lieutenant Governor Delbert Hosemann and the state. The Senate, which has introduced its own revised tax proposal, suspects it imposed the gas tax for six months, cut the food tax from 7% to 5% and gave taxpayers a rebate of $1,000 this year. “So I thought the Senate plan was very strong for taxpayers, and I’m wary of doing more than that,” Hosemann said. Gunn said lawmakers would have the opportunity to review his tax cut plan. in six years and decide whether they want to suspend the tax reduction plan.

House Speaker Philip Gunn has proposed another plan to eliminate state income tax.

“Full income tax enlightenment can happen. We’ve argued that those revenues will continue to come in,” Gunn said.

Gunn proposed another plan to eliminate personal income tax based on new estimates of additional income. Gunn claimed the state collects.

“Right now we have about $1.5 billion and excess revenue,” Gunn said.

According to Gunn, if the current pace continues, the state will have an additional $2.5 billion in incremental revenue by the start of the fiscal year on July 1.

“We clearly believe this shows that eliminating income tax is doable,” Gunn said.

Gunn’s new plan will phase out personal income tax over the next 18 years, cutting $100 million each year.

“I know people hear that $100 million number and think that’s a lot of money, and that’s a lot of money to get back to taxpayers. But on a forward-looking basis, that’s one and a half to cent of our budget on a dollar. It’s a cent and a half,” Gunn said. “So that’s a lot of money that we have to catch up from other sources, and make sure we have growth and that kind of stuff.”

Gunn explained how much extra money single and married couples would have to spend on his plan.

“It puts $1,300 a month back in the pockets of a citizen making $40,000 a year, $2,600 for a couple making $40,000 or $80,000 a year,” Gunn said.

Gunn’s plan still hasn’t garnered support from Lt. Gov. Delbert Hosemann and the state Senate, which introduced its own revised tax proposal on suspicion of declaring the gas tax for six months, reducing the tax on groceries from 7% to 5%, and giving taxpayers a $1,000 rebate this year.

“So I thought the Senate plan was very strong for taxpayers, and I’m wary of doing more than that,” Hosemann said.

Gunn said lawmakers would have the opportunity to review his tax cut plan in six years and decide whether they want to put the tax cut plan on hold.

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