The largest tax cut in state history is on its way to Missouri Governor Mike Parson’s (R) desk. The bill is a top priority for the governor and for the GOP-controlled Legislature.
The House voted 98-32 to give final approval to the $1-billion tax cut on Thursday. Governor Parson praises the vote, saying it will assist Missouri families facing record inflation, along with relief for Missouri taxpayers.
“Relief that is even more critical now as Missouri families face rising grocery bills, high gas prices and record inflation. This bill means our administration will have cut Missourians’ income tax rate by almost a full percentage point or a nearly 15 percent decrease,” Parson says, in a written statement.
State Rep. Peter Merideth (D-St. Louis) disagrees, saying it will benefit the wealthy. Representative Merideth is the ranking Democrat on the Missouri House Budget Committee. He says the top one percent of Missouri earners will save $15,000 per year under the plan, while the bottom 20 percent of earners will save $10 per year.
A bill-signing ceremony has not been scheduled yet.