JACKSON, Miss. (AP) — Mississippi lawmakers could cut income taxes in exchange for higher fuel taxes to raise money for roads and bridges.
House Transportation Committee Chairman Charles Busby, a Pascagoula Republican, says House leaders are considering a plan to phase out Mississippi's 4 percent income tax bracket, which applies to an individual's yearly income between $5,001 and $10,000. In exchange, Busby says lawmakers would impose an additional 12-cent-per-gallon tax on gasoline and 15-cent tax on diesel, phasing it in over four years as the income tax is phased out.
Mississippi Department of Revenue figures show the 4 percent bracket raises $165 million, while fuel tax increases would be worth $302 million.
House leaders continue to make road money proposals. Lt. Gov. Tate Reeves says he's working on a plan, but hasn't offered details.
- Lawmakers consider cutting income tax for higher fuel taxes
- Income Tax Deadline Fast Facts
- Higher gas prices could spoil Trump's tax cuts
- Trump wants to cut taxes. Again. He just cut taxes.
- Enjoy your tax cuts while they last
- JPMorgan's Jamie Dimon gushes about tax cuts
- Davos loves the Trump tax cuts
- Senate committee approves modest tax cut
- Will tax cuts save Republicans in 2018?
- Billionaire Bill Gates says he should pay 'significantly higher' taxes