For more on corporate taxes, see Kyle's recent study "U.S. Multinationals Paid More Than $100 Billion in Foreign Income Taxes."
The facts on Mississippi’s Tax Climate
5%Individual Income TaxTop rate
5%Corporate Income TaxTop rate
7%Sales and Excise Taxes
Mississippi's Individual Income Tax System
Mississippi's personal income tax system consists of three brackets and a top rate of 5%. That rate ranks 20th lowest among states levying an individual income tax. Mississippi's income tax collections per person were $456 in 2010 which ranked 11th lowest nationally.
50-State Table of Individual Income Tax Rates
50-State Table of State Individual Income Tax Collections
50-State Table of State and Local Individual Income Tax Collections Per Capita
Mississippi's Corporate Income Tax System
Mississippi's corporate income tax system consists of three brackets and a top rate of 5%. That rate ranks 10th lowest among states levying an corporate income tax. Mississippi's corporate tax collections per person were $107 in 2010 which ranked 23rd highest nationally.
50-State Table of Corporate Income Tax Rates
50-State Table of State and Local Corporate Income Tax Collections Per Capita
50-State Table of State Corporate Income Tax Collections Per Capita
Mississippi Sales and Excise Taxes
Mississippi levies a 7% general sales or use tax on consumers, which is above the national median of 6%. Mississippi's state and local governments collect $961 per person in general sales taxes and $451 per person in excise taxes, for a combined figure of $1412, which ranks 16th highest nationally. Mississippi's gasoline tax stands at 18.8¢ (7th lowest nationally), while its cigarette tax stands at $0.68 (15th lowest nationally.)
50-State Table of State and Local General and Selective Sales Tax Collections Per Capita
Mississippi Property Tax Collections Relatively Low
Mississippi's state and local governments collected approximately $853 per person in property taxes, which ranks 12th lowest nationally.
State and local property tax collections per capita by state
Tax Freedom Day Arrives on March 29th in Mississippi
Tax Freedom Day is the day when Americans finally have earned enough money to pay off their total tax bill for the year. In 2013, Mississippi taxpayers worked until March 29th (earliest nationally) to pay their total tax bill. The Tax Freedom Days of neighboring states are: Louisiana, March 29th (ranked 2nd earliest nationally); Arkansas, April 7th (ranked 12th earliest nationally); Tennessee, April 2nd (ranked 3rd earliest nationally); and Alabama, April 5th (ranked 7th earliest nationally).
Mississippi's State and Local Tax Burden Below National Average
Mississippi's 2010 tax burden of 8.69% ranks 14th lowest out of 50 states, and is below the national average of 9.9%. Mississippi's taxpayers pay $2625 per capita in state and local taxes.
Mississippi's State-Local Tax Burden, 1977-Present
Other States' State/Local Tax Burdens
Map of U.S. Showing all State's Burdens and Ranks
Historical Chart Comparing All States' State/Local Tax Burdens from 1977 to 2009
Mississippi's 2013 Business Tax Climate Index Ranks 17
Mississippi ranks 17th in the Tax Foundation's State Business Tax Climate Index. The Index compares the states in five areas of taxation that impact business: corporate taxes, individual income taxes, sales taxes, unemployment insurance taxes, and taxes on property, including residential and commercial property. The ranks of neighboring states are as follows: Louisiana, 32nd, Arkansas, 33rd, Tennessee, 15th, and Alabama, 21st.
50-State Comparison of Business Tax Climates (data only)
2013 State Business Tax Climate Index (full study)
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