Mississippi News
Mississippi tax collections continue to soar
Mississippi tax collections, fueled by consumers, continue to soar
State revenue collections, apparently fueled by consumer spending, continue to grow at a historic or near historic pace.
State tax collections for the first five months of the current fiscal year are $215.1 million or 8.5% above the amount collected during the same period last year, according to the November revenue report recently released by the staff of the Legislative Budget Committee.
Revenue growth this year has been fueled primarily by the sales tax, which is a 7% levy on most retail purchases. The sales tax revenue for the year is up $195 million or 23.7%. The sales tax levied on internet purchases or other out-of-state purchases, known as the use tax, is up $11.6 million or 6.9%.
The sales tax collections indicate strong consumer spending. Also factored into the increase in the sales tax is the fact that inflation has risen, meaning people are paying more for retail items, resulting in an increase in the sales tax paid on the purchases.
READ MORE: Lawmakers have unprecedented $4.2 billion in extra funds as they craft new budget
Revenue from the sales tax and use tax account for about 45% of total state revenue.
Personal income tax collections (the state’s second largest source of revenue accounting for about one-third of total collections) is up a more modest 1.2% or $11 million.
Total tax collections through November are $2.76 billion.
The strong collections for the current fiscal year come on the heels of growth of 15.9% or $934.5 million for the previous fiscal year, which ended on June 30.
Not only are collections strong for the year but also for the month of November. The state collected $531.9 million in November 2021 compared to $477 million in November 2020.
While collections are strong overall, there are a few categories of revenue that are down year over year:
- The corporate income tax — down 9.9% or $19.8 million.
- The tax on insurance premiums — down less than $1 million or .77%.
- The tax on tobacco, alcohol and beer — down 4.4% or $5.3 million after a surge in alcohol purchases last year early in the pandemic.
On the other hand, casino tax collections are up $15 million or 28%.
The strong tax collections have resulted in a state surplus that is likely close to be $2 billion as the Legislature meets in January to consider such items as a significant teacher pay raise and the possible elimination of the income tax.
This article first appeared on Mississippi Today and is republished here under a Creative Commons license.
Mississippi News
Events happening this weekend in Mississippi: December 20-22
SUMMARY: This weekend (December 20-22), Mississippi offers a variety of festive events. In Jackson, enjoy Food Truck Friday, candlelight concerts, a Grinch movie screening, and Journey to the North Pole. In Ridgeland, experience Merry Bingo, Christmas on the Green, and Fleet Feet Coffee Run. Vicksburg hosts Rock the Halls, while Natchez offers a European Christmas Shopping Village. Other activities include Santa scuba diving at the Mississippi Museum of Natural Science, Million Dollar Quartet Christmas, and Magic of Lights in Brandon. Hattiesburg features Lights of the Wild and Teddy Bear Tea with Santa. Numerous holiday events are available across the state.
The post Events happening this weekend in Mississippi: December 20-22 appeared first on www.wjtv.com
Mississippi News
Attorneys seek protective order in Jackson bribery case
SUMMARY: Prosecutors in Jackson are seeking a protective order to prevent the release of sensitive information in a bribery case involving Hinds County District Attorney Jody Owens, Jackson Mayor Chokwe A. Lumumba, and City Councilman Aaron Banks. The motion aims to protect personal, financial, and grand jury information, fearing it could impair investigations and fair trial rights. The three officials face charges related to a bribery scheme involving $80,000 in bribes for approving a real estate development project. Other individuals, including former City Councilwoman Angelique Lee and Sherik Marve Smith, are also implicated, with Smith pleading guilty to conspiracy.
The post Attorneys seek protective order in Jackson bribery case appeared first on www.wjtv.com
Mississippi News
Suspect in the killing of UnitedHealthcare’s CEO struggles, shouts while entering courthouse
SUMMARY: Luigi Nicholas Mangione, a 26-year-old Ivy League graduate, was arrested in Pennsylvania and charged with the murder of Brian Thompson, CEO of UnitedHealthcare. Mangione, who expressed disdain for corporate greed and the health insurance industry, was found with a gun matching the murder weapon and fraudulent IDs. He initially gave false identification but was recognized at a McDonald’s. Mangione, who wrote a three-page document expressing anti-corporate sentiments, is being extradited to New York. His family, shocked by his arrest, expressed condolences to Thompson’s family. Mangione had no prior criminal complaints but had a history of severe back pain.
The post Suspect in the killing of UnitedHealthcare’s CEO struggles, shouts while entering courthouse appeared first on www.wjtv.com
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