tax cut

Politics
8:48 am
Thu May 29, 2014

Nixon Warns Of Huge Cuts In Local Services Because Of Legislature's Last-Minute Tax Cuts

Gov. Jay Nixon says local fire departments and fire districts will lose money because of last-minute tax breaks approved by the General Assembly.

Originally published on Thu May 29, 2014 9:57 pm

(Updated Thursday, May 29)

Missouri Gov. Jay Nixon says that local governments stand to lose almost as much money as the state because of a final tax-cutting spree by the General Assembly before it adjourned earlier this month.

All told, Nixon said Wednesday, local jurisdictions around Missouri — from city halls to fire districts, libraries and ambulance services — could lose $351 million in annual sales tax revenue because of “a grab bag of giveaways’’ approved by legislators.

Read more
Politics
3:18 pm
Mon April 28, 2014

Tax cut worries educators about funding for schools

Credit File Photo / KBIA

Business and education groups are again drawing battle lines over a Missouri proposal to cut state income taxes.

Read more
Politics
5:19 pm
Tue April 22, 2014

Gov. Nixon raises new concern about income tax cut

Credit Jacob Fenston / KBIA

  Missouri Gov. Jay Nixon is raising new concerns that an income tax cut passed by the Legislature could have "cataclysmic" consequences for state revenues.

The Democratic governor said Tuesday that the bill could eliminate taxes on all income over $9,000, punching a $4.8 billion hole in the state budget.

Republican legislative leaders called Nixon's assertion "ridiculous," ''absurd" and "laughable."

Nixon did not veto the bill Tuesday but has indicated he will do so.

Read more
Politics
8:57 am
Mon April 21, 2014

Analysis: Mo. business tax break has wide reach

Jay Nixon
Credit File Photo / KBIA

A tax-cut bill pending before Missouri Governor Jay Nixon would create a special deduction for thousands of business owners.

Nixon has criticized the measure as a giveaway to lawyers and lobbyists. But that may be oversimplifying the issue.

The legislation would phase in a 25 percent deduction for business income reported on personal tax returns. Many lawyers and lobbyists would benefit because of the way their businesses are structured.

Read more
Politics
5:15 pm
Tue April 1, 2014

Missouri Senate passes tax cut bill

Credit File photo / KBIA

  The Missouri Senate has finally passed a tax cut bill, after different versions were blocked by Republicans who opposed a compromise between the fellow GOP sponsor and Democratic Governor Jay Nixon.  The bill now on its way to the Missouri House would cut the individual income tax rate from 6 percent to 5-and-a-half percent and phase in a 25 percent deduction on business income.  The changes would not take effect until 2017.  The measure is sponsored by Republican Senator Will Kraus of Lee’s Summit. 

Read more
Politics
4:14 pm
Mon March 31, 2014

House Republicans vote against veto of income tax cut legislation

Credit File / KBIA

Missouri House Republicans were told they could face primary opposition this year if they voted to sustain Governor Jay Nixon's veto of income tax cut legislation.

Read more
Politics
8:30 am
Mon March 31, 2014

New estimate puts Missouri tax cut bill at $620M

Missouri Senate floor
Credit File / KBIA

A new estimate puts the eventual cost of a Missouri Senate income tax cut plan at more than $620 million annually.

Read more
Politics
5:01 pm
Wed January 8, 2014

Tax Cuts, Student Transfers May Dominate Missouri Legislature's 2014 Session

House Speaker Tim Jones and other Republican lawmakers on opening day of Missouri's 2014 legislative session.
Marshall Griffin/St. Louis Public Radio

Originally published on Wed January 8, 2014 7:31 pm

The Missouri General Assembly's 2014 session is underway, and the first day sounded a lot like last year's session.

In his opening remarks, House Speaker Tim Jones, R-Eureka, laid out his agenda for this year's regular session: medical malpractice reform, making Missouri a right-to-work state, and cutting taxes.

Read more
Business
4:47 pm
Mon December 30, 2013

New year means Mo. wage hike, business tax cut

Credit File Photo / Flickr

Wages will rise for Missouri's low-income workers and taxes will fall for some corporations when the new year arrives.

Missouri's minimum wage will increase for about 100,000 workers from $7.35 an hour to $7.50. The increase is a result of an annual inflationary adjustment included in a law passed by voters in 2006.

The state's corporate franchise tax rate also will ratchet down in 2014. That's the result of a 2011 law passed by legislators that gradually phases out the franchise tax by 2016.

Read more
Politics
6:09 pm
Fri August 23, 2013

Votes on Mo. income tax cut could draw challengers

Credit File Photo / KBIA News

A conservative Missouri political committee says it may recruit candidates to run in primary elections against Republican legislators who vote against an income tax cut.

Read more
Politics
1:35 pm
Tue July 30, 2013

Attempt At Override Of Income Tax Veto Unlikely, Speaker Says

via Kristi Luther and Tim Bommel, Mo. House Communications.

Originally published on Thu August 1, 2013 7:01 am

The income tax bill that would eventually reduce income tax rates by about a half of a percent is likely to not be brought up in veto session next month, according to Missouri House Speaker Tim Jones (R-Eureka).

Appearing on St. Louis Public Radio's and the St. Louis Beacon's Politically Speaking podcast, Jones said he currently doesn't have the votes necessary for an override of the governor's veto.

Read more
CoMo Explained
7:20 pm
Wed June 26, 2013

Why are Mo. politicians so riled up about the tax cut bill?

H.B. 253 does not contain any actual threats to Abraham Lincoln's face. But to tax rates, yeah, definitely.

This week Como Explained dives into the tax cut bill the Governor vetoed. It's not dead yet.

Como Explained: Episode 11

We’ve talked about the Republican veto-proof majority on this show before. Well, that’s one of the main causes behind a situation playing out in Jefferson City (and across the state) right now.

Republicans pushed a bill through the legislature this year that would reduce the personal income tax rate by half a percentage point and the corporate rate by three points.  Both would be phased in over the next 10 years. Many Republicans touted the bill as one of their key accomplishments in the 2013 session, and if it becomes law, it will likely be the most noticeable change in the state that comes out of this past session.

Read more