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1 Joseph Henchman & Tonya Barr, An Opportunity to Improve Mississippi's Tax Climate 1 (2008)

handle is hein.taxfoundation/srbgbxz0001 and id is 1 raw text is: April2008 No. 161 .4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All~~l UU_5tfi J0il~oe ~ ~ tI Introduction & Executive Summary Good state tax systems levy low rates on a broad base, and treat all taxpayers the same while minimizing economic distortions. The more riddled a tax system is with special pref erences, the less likely it is that business decisions will be made in response to market forces. As companies become increasingly so- phisticated and our global economic system increasingly integrated, jobs and growth will increasingly flow to low-tax and low-burden jurisdictions. The Tax Foundation's 2008 edition of the State Business Tax Climate Index, released in October 2007, ranked Mississippi as the 18th best tax climate in the country. Regionally, Mississippi is about middle-of-the-pack com- pared with Florida (5th), Texas (8th), Missouri (15th), Tennessee (16th), Georgia (20th), Ala- bama (2 1st), Louisiana (32nd), and Arkansas (35th). Similarly, in our 2007 edition of State and Local Tax Burdens, which calculates the tax burden as a percentage of income, Mississippi ranked about middle-of-the-pack nationally (29th highest state-local tax burden). Improv- ing the state's business tax climate and reducing state and local tax burdens could give Mississippi a comparative advantage in its region. In early 2008, Governor Haley Barbour announced the creation of the Mississippi Tax Study Commission, which is tasked with pre- paring a comprehensive study of the state's tax system and recommending suggested improve- ments. One specific aspect the Commission has been asked to examine is how Mississippi's state tax system functions in combination with the federal tax code. The Commission, which brings together members with a wide range of business, legal, academic, and legislative exper- tise, has been instructed to prepare a report of its findings by August 31, 2008. This fesh and all-inclusive look at mississippis tax system by an independent panel represents a great opportunily for the Magnolia State 10 refomi i/s tax system i.n accordance with the principles of sound tax policy. This fresh and all-inclusive look at Mississippi's tax system by an independent panel represents a great opportunity for the Magnolia State to reform its tax system in ac- cordance with the principles of sound tax fiseqh jHnan T-a Cous Tov kndao 7aage qf iaie Relation ...x *:natio

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