The Missouri Senate has given final approval to an approximately $1-billion state tax cut.
Wednesday’s vote was 24-4, sending the bill to the House for consideration. State Sen. Lincoln Hough (R-Springfield) voted for the bill, saying Missouri has had record revenue growth.
“When we see those numbers, it’s my belief and I think a lot of the other Republicans up here, that we want to provide tax relief to the folks back at home,” Hough says.
Hough, the Senate Appropriations Committee vice chair, joined us live on 939 the Eagle’s “Wake Up Mid-Missouri.” The bill also eliminates Missouri’s lowest tax bracket, meaning earners with less than $1,000 annually would no longer have to pay state income taxes.
Senator Hough, who will chair the powerful Appropriations Committee in January, tells listeners that the tax cut would help everyone.
“This helps low-income earners, high-income earners, small businesses that employ all of our friends and neighbors and keep our main streets open,” says Hough.
House Minority Leader Crystal Quade (D-Springfield) blasts the bill, saying it will blow a $2-billion hole in the state budget once fully implemented.
“That’s nearly triple what the governor originally claimed his election year tax giveaway for the rich would cost,” Leader Quade tweeted on Wednesday. She says Children’s Division employees at the Missouri Department of Social Services (DSS) are underpaid and overworked, adding that one DSS employee sells his plasma to pay the bills.
Governor Mike Parson (R) has tweeted that he’s confident the Legislature will approve an income tax cut package.
Both chambers have approved identical farm bills, which extend agricultural tax credits for six years. Governor Parson describes those votes as a huge win for agriculture. The tax credit extension has been a top priority for Missouri’s commodity groups, including the Missouri Farm Bureau and the Columbia-based Missouri Pork Association.