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MCPP Launches the Responsible Mississippi Budget 2024

 

(Jackson, MS): Mississippi’s government spending (general fund appropriations) for the fiscal year 2024 should be no higher than $6.75 billion, according to a new budget report published today.

Any spending increased over and above $6.75 billion would expand the size of government in our state and reduce the scope of future tax cuts.

The Responsible Budget for Mississippi, authored by former White House economist, Vance Ginn Ph.D., applies a simple fiscal rule to determine how much spending should increase:
a) The level of spending (general fund appropriations) in 2023, plus
b) The rate of population growth and inflation.

“Conservatives serious about limiting the growth of government in Mississippi should not raise spending faster than inflation and population growth,” said Douglas Carswell, President & CEO. “To do so would be to expand the size of government and to limit the freedom for further tax cuts”.

When preparing the Responsible Budget, Ginn looked at how Mississippi government spending had grown over the past decade. He found that between 2014 and 2019, state government spending grew faster than population change plus inflation, meaning that the relative size of the state government in Mississippi increased. More encouragingly, however, since 2020 the expansion of the state government in Mississippi has slowed relative to inflation and population changes.

With projected general fund revenue collections of $7.5 billion for the FY 2024, a Responsible Mississippi Budget would result in an estimated surplus of $0.8 billion.

“Our Responsible Budget suggests that much of Mississippi’s budget surplus is structural, rather than cyclical. That means that provided we keep control of spending, the surplus will not simply disappear as and when the economy slows,” Carswell said. “That means that there is room for tax cuts if we keep spending under control.”

With a potential $0.8 billion surplus, Mississippi can afford to further reduce the state’s personal income tax rate as much as possible (e.g., from 4 percent as expected over time from recent tax cuts to 3 percent). The state could also reduce corporate income taxes.

A link to the Responsible Budget can be found here.

 

MageeNews.com is a news source covering Simpson and surrounding counties as well as the State of Mississippi.

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Patrice is married to Greg Boykin and they have two sons, Bradley & Alex Boykin. Patrice is a lifetime resident of Simpson County. Patrice retired after 25 years in the Insurance industry where 23 of those years were with State Farm Insurance in Magee. She is very active in the community and has served in several leadership roles. Patrice has been a Secretary for the Magee Touchdown Club for 19 years and President of the MS Scholars of Simpson County. Patrice was a member of the Magee Adopt A School Program. She was elected to a term on the Simpson County School Board. She has served on the Board of Directors for the Magee Chamber of Commerce. She serves on the Keep Magee Beautiful Committee and is a member of the Advisory Committee for the Simpson County Technical Center. Patrice is a member of the Simpson County Republican Executive Committee. Multiple times, Patrice was named Parent of the Year for Magee Schools as well as District Parent of the Year for the Simpson County School District. Patrice & her family are members of New Hope Baptist Church.

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