With the people of Missouri facing challenges in these economically rought times, the Missouri House is looking to cut taxes and put more money back in taxpayers’ pockets. This proposed tax cut, initially found in House Bill 22 was worth an estimated $1 billion in temporary income tax cuts. This bill was killed, so the House decided to amend Senate Bill 71, to include the original tax cut, but this time making it permanent. If the Missouri Senate takes up Senate Bill 71, they could send it to the Governor, giving him the opportunity to facilitate some much needed tax relief in Missouri. This bill would but all income tax rates by a half a percent, taking the top rate from 6 percent to 5.5 percent.
This action out of the Missouri House is worthwhile, an idea that would encourage economic growth. Other states should be looking at doing the same.
To see ATR’s letter to the Missouri Senate supporting passage of this income tax relief, click here.