Breaking news from the state capitol: Missouris Republican-led Legislature enacted the states first income tax rate reduction in almost a century Tuesday by overriding the veto of Democratic Gov. Jay Nixon, who has denounced it as a reckless financial experiment. The new law will gradually cut Missouris top individual income tax rate starting in 2017 and make the state just the third in the nation to offer a special business-income deduction on personal tax returns. But the incremental tax cuts will occur only if Missouris revenues keep growing. Republicans made an income tax cut their priority for 2014 after failing last year to override Nixons veto of a more complex and expansive tax cut. The GOP holds large majorities in both the House and Senate, but needed a little Democratic help in the House to accomplish the two-thirds vote needed to override this years veto.
Posted on: Tue, 06 May 2014 15:49:00 +0000
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