Show Me the Tax Cuts
Missouri legislature overrides veto.
The Missouri legislature successfully overrode Democrat Gov. Jay Nixon’s veto of major tax cuts this week, paving the way for the Show Me State to better compete with its lower-tax neighbors. Taxes have now been cut from a top rate of 6% to 5.5%, which is still higher than even Illinois. Oklahoma and Kansas have both cut income taxes in recent years, and Kansas is seeking to eliminate it altogether. Missouri’s tax reform leaves $620 million annually in the hands of businesses and workers, which is good news considering Missouri’s 6.7% unemployment rate – also unfavorable to neighboring states. Democrats may complain about “lost revenue,” but these tax cuts will give a much-needed boost to the economy.
- Tags:
- Missouri
- healthcare