On Wednesday, both Republican and Democratic senators described the compromise as "reasonable." 6, but they pushed back work to continue private talks. Parson had called on lawmakers to return to the Capitol on Sept. The Senate proposal represents a compromise between cautious Republican lawmakers concerned about the state's ability to pay its bills long term and those eager to slash taxes even more deeply.ĭisagreements over how much to cut continued for months as lawmakers worked to build consensus behind the scenes. Parson directed lawmakers to slash income taxes to 4.8%, as well as to increase the standard deduction by $2,000 for single filers and $4,000 for couples. He proposed an income tax cut as a way of spending some of the state's record budget surplus. Mike Parson's call for a special session to cut taxes. Lawmakers returned to work last week in response to Republican Gov.
The measure also eliminates the lowest tax bracket, meaning earners who bring in less than about $1,000 a year no longer will have to pay state income taxes.
Most Missouri earners pay the top income tax rate, which applies to those who make more than about $8,700 a year in taxable income. The roughly $1 billion proposal would cut the top income tax rate from 5.3% to 4.95% beginning in 2023. Senators voted 24-4 to send the bill to the GOP-led House for consideration. Missourians could get a break on state income taxes under a proposal approved by the Republican-led state Senate on Wednesday.
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