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Mississippi State Taxes Article
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The Contributions of State Taxes to State Revenue
from:State taxes are compulsory contributions to state revenue levied by the government on personal income and business profits. They may also be additional amounts to the cost of some goods, services and transactions. All states have their own tax system where they acquire the necessary revenue to maintain their governments through tax collection, fees, and licenses. With the revenue that the government receives through these state taxes, it makes public services available to their citizens. Some examples of these public services are health and welfare benefits, public schools, police protection and the operation of the state government.
There are many types of state taxes. Here are some of the most common:
1) Personal Income Tax
The first modern personal income tax system was originated in 1911 by the State of Wisconsin. This is the tax taken from an individual’s personal income.
2) State Sales Tax
This tax is levied on the sale of goods and services. Below are the three different types of sales taxes:
• Vendor Tax
This taxes the person doing business. It is levied on the amount of goods sold.
• Consumer Tax
This taxes retail sales. It is added to the original price of what was being sold. The vendor at a store collects this tax from the buyer and then sends the money to the state.
• Combination Vendor-Consumer Tax
This one taxes the vendor who is then required to pass the tax on to the consumer.
3) Property Tax
The revenue from this type of state taxes usually goes towards financing public services, such as police protection, public schools and sanitation. The amount of tax to be paid is figured on the total value of the property or on a certain percentage of the value.
4) Other State Taxes
There are other state taxes that states may impose in addition to personal income tax, sales tax, and property tax, and these include fuel tax, inheritance tax, and corporate income tax.
• Fuel Tax
This is the tax on gasoline and diesel fuel purchased within the state. Most of the time, the tax on gasoline and diesel fuel is a cents-per-gallon tax.
• Inheritance Tax and Estate Tax
These are imposed on the transfer of property after the owner's death wherein the beneficiary of the property must pay the taxes.
• Corporate Income Tax
This is almost the same as the individual income tax. Most states impose this system which makes corporations subjected to income tax the way individuals are. State corporate income tax system uses the graduated method in some states and the flat rate method in others. Some states purposely keep their corporate income tax rates lower than other states in order to attract new businesses to their states.
Mississippi State Taxes News
Heard in more states: See you in tax court! - Chicago Tribune
Heard in more states: See you in tax court! Chicago Tribune "In the fiscal downturn, states are becoming more cognizant of this, as they should," he said. Of the 18 established state tax courts or tribunals, four have been created since 2003 - in West Virginia, Alaska, Kansas and Mississippi. |
Clinton Schools seeking tax increase to offset $2.3 million funding shortfall - Fox 40 Jackson
Clinton Schools seeking tax increase to offset $2.3 million funding shortfall Fox 40 Jackson This year, we are one of only four Star districts in Mississippi, and we've won dozens of local, state and national awards for the strength of our academic, athletic and arts programs. All of the great things we've done in recent years have been in ... |
George County supervisors approve changes to 2011 tax rolls - Mississippi Press (blog)
George County supervisors approve changes to 2011 tax rolls Mississippi Press (blog) By Beverly Tuskan, The Mississippi Press LUCEDALE, Mississippi -- Petitions for changes in the 2011 tax rolls were approved by the George County supervisors during their recessed meeting Friday. The petitions were presented by Tax Assessor/Collector ... |
Sales tax collections continue rise - Natchez Democrat
Sales tax collections continue rise Natchez Democrat He said the center had several big back-to-back events and conferences in March, including the Isle of Capri's sold-out Oak Ridge Boys concert, the Mississippi chapter of the National Wild Turkey Federation's banquet and Alcorn State University's Small ... |
Kansas governor signs massive income tax cuts into law - Post-Bulletin
Kansas governor signs massive income tax cuts into law Post-Bulletin Sam Brownback signed massive income tax cuts into law Tuesday, expressing confidence they would boost the economy and not create future budget problems or shift the state's tax burden to the poor. "Today's legislation will create tens of thousands of ... |