A new political group is launching a campaign to persuade legislators to override the governor's veto of a bill that would phase in various income tax reductions. Political activist Rex Sinquefield has contributed $1.3 million to a business coalition that supports a cut in income taxes.
The contribution reported Thursday on the state Ethics Commission website provides the financial foundation for a newly formed committee called Grow Missouri.
Some Republican lawmakers are vowing to try to override Gov. Jay Nixon's veto of a bill that reduced income taxes. Shortly after the Democratic governor rejected the bill today, the leading sponsors of the legislation said they would attempt to get the two-thirds vote needed to override his veto when the Legislature convenes in September.
Republicans hold enough seats in the House in Senate to override Nixon’s veto without any Democratic support. They would have to hold all of the GOP members together in the House and could afford to have only one Republican defect in the Senate.
The typical Missouri household might have relatively little to gain from a Senate-endorsed overhaul of the state's tax policies.
The proposed mixture of income tax cuts and sales tax hikes could save a few dozen dollars annually for a family of four earning just slightly more than Missouri's median household income of about $45,000.
Wealthier taxpayers, particularly those running their own businesses, might save a lot more. Yet seniors reliant on Social Security benefits could pay more.