tax overhaul

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A Missouri House committee plans to hear testimony this week on a contentious tax overhaul that has already cleared the state Senate.

The Republican-backed measure would gradually reduce the state's income tax rate by three-quarters of a percentage point over five years while gradually raising the state sales tax by half a percentage point over the same period.

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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.